ICICI Bank on Friday said it has divested 3.96 per cent stake in its general insurance arm Rs 2,250 crore.

Earlier on May 9, while presenting results for quarter ended March 2020, the private lender had stated that it would look at further strengthening the balance sheet as opportunities arise.

“In line with this intent and pursuant to an approval granted by the board, the bank has today divested 18,000,000 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance Company, representing 3.96 per cent of its equity share capital at March 31, on the stock exchange for an approximate total consideration of Rs 22.50 billion,” ICICI Bank said.

This represents 3.96 per cent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 2,250 crore, it said.

Following this, the bank’s shareholding in the insurer stands at approximately 51.9 per cent. Prior to this ICICI Bank held 55.86 per cent stake in the general insurance arm.

At 12.06 pm shares of ICICI Bank were trading at Rs 361.35, up by 2.66 per cent on the BSE and on the NSE it was up by 2.64 per cent at Rs 361.30.

On the other hand, shares of ICICI Lombard General Insurance were trading in red territory with its price falling to Rs 1,251.90, down by 1.87 per cent in the BSE. On the NSE it was at Rs 1,252.70, down by 1.80 per cent.