ICICI Bank is in the limelight today morning. The stock, which had closed on Friday at Rs.363.90, opened higher at Rs.366 and went on to its intraday high at Rs.375.25. Its 10% UC for the day is at Rs.400.25.
The stock is up after the Bank announced today morning that it has divested 21,500,000 equity shares of face value of Rs. 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50% of its equity share capital, for an approximate total consideration of Rs.840 crore.
Following this, the Bank's shareholding in ICICI Prudential stands at approximately 51.4%.
Prior to this, on Friday, the Bank had sold 3.96% stake in ICICI Lombard for Rs.2250 crore.
All these stake sales are a part of the Bank’s strategy to strengthen its balance sheet.