Singapore government buys 1.5% stake in ICICI Prudential for $111.5mn

With this stake sale, ICICI Bank now holds 51.40 per cent stake in ICICI Prudential.

Government of Singapore acquired a 1.5 per cent stake in ICICI Prudential Life Insurance Company for $111.5 million. The shares were purchased by Singapore's sovereign wealth fund GIC Pte Ltd from the private sector lender ICICI Bank at a price of $5.17 apiece, according to stock exchange data.

With this stake sale, ICICI Bank now holds 51.40 per cent stake in ICICI Prudential. ICICI Bank said that the bank would look at further strengthening the balance sheet as opportunities arise. It also sold roughly 4 per cent of its share in its general insurance arm, ICICI Lombard General Insurance, through block deals.

“We are conscious of the importance of balance sheet resilience in a highly uncertain scenario. Our current capital position is strong. We would continue to assess this and look at further strengthening the balance sheet as opportunities arise,” ICICI Bank MD & CEO Sandeep Bakhshi had told analysts last month.