ICICI Bank on Monday said that it has sold 1.5 per cent stake in its life insurance arm ICICI Prudential Life Insurance Company Limited for Rs 840 crore. Following this, the Bank's shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4 per cent.

"In line with this intent and pursuant to approval granted by the Board, the Bank has today divested 21,500,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 8.40 billion," ICICI Bank said in the exchange filing.

While announcing its results for Q4FY20 on May 9, the Bank had stated that it would look at further strengthening the balance sheet as opportunities arise. Last week, the private lender had said that it has sold 3.96 per cent stake in its general insurance arm ICICI Lombard for Rs 2,250 crore. In total, Rs 3,090 crore has now been raised by the Bank by selling stake in the two life and general insurance subsidiaries.

Meanwhile, ICICI Bank had posted a 26.03 per cent on-year rise in standalone profit at Rs 1,221.36 crore for Q4FY20. The bank made coronavirus related provisions of Rs 2,725 crore to further boost the balance sheet. The bank also approved fundraising of up to Rs 25,000 crore via non-convertible debentures in the domestic market and up to $3 billion through offshore bonds.

Shares of ICICI Bank were trading at Rs 371.40, up 7.50 points, or 2.06 per cent on BSE.