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ā¢ Jaiprakash Associates (JAL) and trusts associated with the company will transfer 7.71% or 18.93 crore shares to ICICI Bank as part of JAL's payment obligations to the bank.
ā¢ The transfer of shareholding did not require any government or regulatory approval as the shares meant to be transferred were less than the mandatory 10% requirement.
ā¢ ICICI Bank shares have been a market laggard and given just over 2% returns in the last 1-year period versus 5.65% returns given by Nifty50.