ICICI Bank on Monday said it has sold 1.5 percent stake in its life insurance subsidiary for around Rs 840 crore with an aim to strengthen the balance sheet. Last week, the lender had informed exchanges about selling a little less than 4 percent stake in its general insurance subsidiary for Rs 2,250 crore.

While announcing its results for 2019-20 on May 9, ICICI Bank had said it would look at further strengthening the balance sheet as opportunities arise.

"In line with this intent and pursuant to approval granted by the Board, the Bank has today divested 2,15,00,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company, representing 1.50 percent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 8.40 billion (Rs 840 crore )," ICICI Bank said in a regulatory filing.

Following this, the bank's shareholding in ICICI Prudential Life stands at approximately 51.4 percent, it added.

On Friday, it had informed exchanges about selling 3.96 percent stake, equivalent to 1.8 crore shares in ICICI Lombard General Insurance, through open market for Rs 2,250 crore. Following this, the bank's stake in the subsidiary has come down to 51.9 percent.

ICICI Bank stock was trading 1.54 percent up at Rs 369.85 on BSE. ICICI Prudential Life scrip was trading higher by 4.12 percent at Rs 407.90.