ICICI Bank on Monday said that it has sold 1.5 per cent share in ICICI Prudential Life Insurance Company Ltd for Rs 840 crore.

The development comes just days after the bank sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore.

While announcing its results for the quarter ended March 31, 2020 last month, ICICI Bank had stated that the bank would look at further strengthening the balance sheet as opportunities arise.

"The bank has today divested 21,500,000 equity shares with a face value of Rs 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50 per cent of its equity share capital on March 31, 2020, on the stock exchange for an approximate total consideration of Rs 8.40 billion," it said.

Following the transaction, the bank's shareholding in ICICI Prudential Life Insurance Company Ltd stands at around 51.4 per cent.

Shares of ICICI Bank rose on Monday following the announcement. Around 2.05 pm, ICICI Bank shares on the BSE were trading at Rs 372.50, higher by Rs 8.60 or Rs 2.36 per cent from the previous close.

"In line with this intent and pursuant to approval granted by the board, the bank has today divested 18,000,000 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96 per cent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 22.50 billion," the bank had said in a regulatory filing earlier. 

ICICI Lombard GIC has Gross Written Premium (GWP) of Rs 14,789 crore for the year ended March 31, 2019, according to the company website. The company issued over 2.65 crore policies and settled over 16 lakh claims as on March 31, 2019.