ICICI Bank announced its stake sale to partner Fairfax Financial Holdings in both the insurance joint ventures – ICICI Lombard General Insurance and ICICI Prudential Life Insurance. The bank completed the transfer of shares on 31st March 2016 after receiving the necessary approvals.
ICICI Bank hived off 9% from ICICI Lombard for an estimated amount of Rs.1,550 crore and 2% from ICICI Prudential for about Rs.650 crore.
Post stake sale completion, ICICI Bank will hold approx. 68% of the shares in ICICI Prudential and Prudential PLC will maintain their holding of 26%.