ICICI Bank to sell 2% stake in life insurance subsidiary

MUMBAI: Private sector lender ICICI Bank Ltd on Wednesday said it will sell up to 2% stake in its life insurance subsidiary ICICI Prudential Life Insurance Ltd. The sale, likely in one or more tranches, will help the bank raise ₹1,180 crore. “The board of directors of the bank today approved the sale of up to 28,711,100 shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Co. Ltd,” ICICI Bank informed stock exchanges.