ICICI Bank rises on getting nod to sale 9% stake in ICICI Lombard General Insurance

ICICI Bank is currently trading at Rs. 272.80, up by 1.35 points or 0.50% from its previous closing of Rs. 271.45 on the BSE.

The scrip opened at Rs. 272.25 and has touched a high and low of Rs. 278.10 and Rs. 271.60 respectively. So far 961576 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 393.30 on 28-Jan-2015 and a 52 week low of Rs. 248.00 on 07-Sep-2015.

Last one week high and low of the scrip stood at Rs. 289.70 and Rs. 269.35 respectively. The current market cap of the company is Rs. 159469.00 crore.

The institutions and non-institutions held 61.97% and 8.99% stake in the bank, respectively.

ICICI Bank, India’s largest private sector bank, has received its board's approval for selling 9.0% shareholding in ICICI Lombard General Insurance Company (the Company) to its joint venture partner, Fairfax Financial Holding. The proposed transaction values the Company at Rs 17,225 crore ($ 2.6 billion). The transaction is subject to governmental and regulatory approvals. Upon completion of the transaction, the share ownership in the Company of ICICI Bank and Fairfax will be approximately 64% and 35%, respectively. The transaction reflects the Company’s franchise as the leading private sector general insurer in India, the substantial potential for profitable growth of the business and the strong relationship between the joint venture partners.

ICICI Bank is India's largest private sector bank. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.