Societe Generale, a European financial services company on Wednesday bought 20 lakh shares of ICICI Bank. ICICI Bank’s shares were trading at ₹ 857.00 apiece at 12:00 PM on Thursday on the Bombay Stock Exchange (BSE).
According to the block deal data available on the BSE’s website, Societe Generale bought these shares at a price of ₹ 867 apiece, taking the transaction value to ₹ 173.40 crores. Meanwhile, BNP Paribas Arbitrage offloaded an equal quantity at the same price.
ICICI Bank is a leading private-sector bank in India with an extensive network of branches, ATMs and other touch points. It offers a spectrum of financial products and services to retail, SME and corporate customers.
The bank has a market capitalization of ₹ 6,04,397 crores and is a large-cap bank. Its shares are trading at a price-to-earnings (P/E) ratio of 20.71 which is more than double the industry average of 9.84, indicating that the stock might be overvalued as compared to its peers. It could also mean that investors are willing to pay a higher price for the company’s future earnings.
Société Générale or Societe Generale is one of Europe’s leading financial services providers and a major player for over 150 years. It draws on its European roots to develop its business internationally.
Written by Simran Bafna
