InvestorQ : Why has ICICI Bank sold the stake in ICICI Prudential Life?
indhumathi Sayani made post

Why has ICICI Bank sold the stake in ICICI Prudential Life?

Answer
user profile image
shrinidhi Rajan answered.
3 months ago


ICICI Bank divested 2.15 crore equity shares of ICICI Prudential Life Insurance on the stock exchange. The total consideration of the deal is expected to be Rs.840 crore. This is the second sale this year after ICICI Bank sold 1.5% in March this year. ICICI Bank holding in ICICI Prudential Life is now down to 51.4%.

ICICI Bank has been looking to further strengthen the balance sheet and also shore up its capital as opportunities arise and also to manage the pressure of rising NPAs once the COVID-19 situation tapers and NPAs could possible pile up. ICICI Life has an AUM of Rs.152,968 crore.