ICICI Bank sold 9 percent stake in its subsidiary ICICI Lombard General Insurance, a joint venture with Fairfax Financial Holdings, to the latter for Rs 1550 cr. Fairfax now holds 35 percent stake in ICICI Lombard. The deal values ICICI’s general insurance arm of at Rs. 17,225 crores.
The private lender said it also sold 2 percent stake in its life insurance venture – ICICI Prudential Life Insurance- to Temasek for Rs 650 crore. The deal values the company at Rs 32,500 crore.
ICICI now holds 68 percent stake in its life insurance arm while foreign joint venture partner Prudential Plc continues to maintain its 26 percent stake in the company.
“Following the receipt of the requisite approvals, the Bank completed the transfer of the shares on March 31, 2016.
The transfer of shares constituting 2.0% shareholding in ICICI Prudential Life Insurance Company to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek, was also completed following receipt of requisite approvals.” said ICICI in an exchange filing.
Shares of ICICI BANK LTD. was last trading in BSE at Rs.238.6 as compared to the previous close of Rs. 236.55. The stock’s price-to-earnings (P/E) ratio was 11.63. The current book value of the company is Rs 138.32 per share. At current value, the price-to-book value of the company is 1.73.
