ICICI Bank sells 3.96% stake in ICICI Lombard for Rs 2250 crore

Mumbai: India's largest private sector lender ICICI Bank on Friday divested 1.8 crore equity shares of the face value of Rs 10 each of ICICI Lombard General Insurance Company Ltd on the stock exchange. This represents 3.96 per cent of its equity share capital on March 31. The share sale is for an approximate total consideration of Rs 2,250 crore..

Following this, the bank's shareholding in ICICI Lombard General Insurance stands at 51.9 per cent, it said in regulatory filings at stock exchanges.

While announcing financial results for the quarter ended March 31, ICICI Bank had stated that the lender will look at further strengthening the balance sheet as opportunities arise.

ICICI Bank said on May 9 that its profit after tax grew by 26 per cent year-on-year to Rs 1,221 crore in Q4 FY20 from Rs 969 crore in the quarter ended Q4 FY19. The lender has a network of 5,275 branches and 15,589 ATMs across India.

ICICI Lombard General Insurance is the fourth largest non-life insurer based on gross direct premium income. It offers a well-diversified range of products including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.