India’s second-largest private sector lender Icici Bank has raised more than Rs 3,000 crore by divesting stake in its life as well as general Insurance Businesses in two separate deals.

The stake sale in insurance businesses is in line with this intent, said the bank while announcing its results for the quarter ended March 2020 on May 9 this year, it had stated that it would look at further strengthening the balance sheet as opportunities arise.

The stock picked up momentum in the last month, rising 29 percent, particularly after a quarterly earnings scorecard and optimism over a gradual re-opening of the economy. It was quoted at Rs 372.05, up 2.24% for BSE at 10:25 hours IST.

Following this, the bank’s shareholding in ICICI Prudential decreased to approximately 51.4 percent.

Last Friday, ICICI Bank sold the ICICI Lombard General Insurance Company’s Rs 2250 crore shareholding (1,8 crore equity shares) to reinforce its balance sheet last Friday. Accordingly, the shareholding of the lender in the general insurance company declined to 51.9 percent.

Thus, by selling stakes in both insurance segments, the total bank raised Rs 3,090 crore.

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