ICICI Bank set to sell 2% stake in life insurance arm

NEW DELHI: ICICI Bank on Wednesday said it will offload 2 per cent stake in its insurance arm ICICI Prudential Life in one or more tranches. Based on insurer's stock closing price of Rs 410.25 on BSE on Wednesday, the stake sale is estimated to fetch the bank Rs 1,178 crore. "The board of the bank approved the sale of up to 2,87,11,100 shares, representing up to 2 per cent of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches," ICICI Bank said.