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Tuesday 17 November 2015

ICICI Bank Shares Gain On Life Insurance Unit Stake Sale Approval : 17 Nov 2015

ICICI Bank shares jumped as much as 1.8 percent in the early trade on Tuesday after the biggest private sector lender by assets informed BSE on Monday post market hours that it has received an approval for sale of 6 per cent out of its shareholding in ICICI Prudential Life Insurance Company for Rs 1,950 crore, comprising the sale of 4 per cent to Premji Invest & its affiliates and 2 per cent to Compassvale Investments, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. At 9.46 am, the share price of ICICI Bank was up 1.35 per cent at Rs 270.80. The scrip opened at Rs 271.20 and had touched a high and low of Rs 272.25 and Rs 270.20, respectively, in trade so far. Sensex was up 105.75 points, or 0.41 percent, at 25,865. The proposed transaction values the company at Rs 32,500 crore, reflecting the substantial value created by the business since its inception. The board of directors at their meeting held on November 16, 2015, has approved for the same. Upon completion of the transaction, ICICI Bank will hold approximately 68 percent share of ICICI Prudential Life Insurance Company. Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26 percent. In the past one year, shares of ICICI Bank declined 20.17 per cent to Rs 267.20 on November 16. The BSE Sensex slid 8.5 percent during the same period.


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