ICICI Bank increases stake in ICICI Lombard General Insurance Company Ltd

ICICI Bank Limited ("the Bank"), in its disclosure filed with the stock exchanges on May 28, 2023, had communicated that its Board of Directors had approved an increase in the shareholding in ICICI Lombard General Insurance Company Limited ("Company"), in multiple tranches up to 4.0% additional shareholding, as permissible under applicable law, to ensure compliance with Section 19(2) of the Banking Regulation Act, 1949 and make the Company, a subsidiary of the Bank, subject to receipt of necessary regulatory approval(s). Vide its disclosures dated August 5, 2023 and September 2, 2023, the Bank had communicated that it had received the approval from Reserve Bank of India and the Insurance Regulatory & Development Authority of India in connection with the above.

In line with the above, the Bank has today, through the stock exchange mechanism, purchased 8,098,658 equity shares of face value of ₹10 each of the Company, representing approximately 1.65% of its equity share capital at December 31, 2023, for an approximate consideration of ₹13.56 billion. Following this, the Bank's shareholding in the Company stands at approximately 49.5%.

Shares of ICICI Bank Limited was last trading in BSE at Rs. 1060.35 as compared to the previous close of Rs. 1054.25. The total number of shares traded during the day was 178844 in over 6801 trades.

The stock hit an intraday high of Rs. 1066.00 and intraday low of 1046.45. The net turnover during the day was Rs. 188969028.00.

Shares of ICICI Lombard General Insurance Company Limited was last trading in BSE at Rs. 1728.55 as compared to the previous close of Rs. 1649.95. The total number of shares traded during the day was 7071156 in over 6181 trades.

The stock hit an intraday high of Rs. 1735.00 and intraday low of 1645.20. The net turnover during the day was Rs. 11787628349.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN StakeAcquisition StakeIncrease ICICILombardGeneralInsuranceCompany INE765G01017