KV Kamath has offloaded over half his holding in ICICI Bank

After stepping down as chairman and non-executive director of ICICI Bank, KV Kamath sold more than half of his stock holding worth around Rs 272 crore.

Kamath, whose holding in the bank dropped to 0.02% of the company’s total shares, will join Shanghai-based New Development Bank as its President.

As per the annual report of ICICI for 2014-15, the shares were sold in four transactions in June and November last year.

Kamath, who was paid a remuneration of Rs 30 lakh as chairman and Rs 16 lakh in sitting fees as non-executive director, retired from executive responsibilities at ICICI Bank on April 30, 2009.

BRICS nations-Brazil, Russia, India, China and South Africa-agreed to set up the New Development Bank as an alternative to the World Bank and the International Monetary Fund (IMF) to enhance financial and development cooperation among the five emerging markets.

(Image: Indiatimes)