ICICI Bank Strengthens Grip on ICICI Lombard with ₹431 Crore Share Purchase

1 Mar 2024 , 11:06 AM

ICICI Bank disclosed the acquisition of an additional 25.14 Lakh shares of ICICI Lombard General Insurance for ₹431 Crore.

This follows the recent announcement of ICICI Bank purchasing nearly 81 Lakh shares in ICICI Lombard for ₹1,356 Crore. With the latest transaction, ICICI Lombard now becomes a subsidiary of ICICI Bank, according to regulatory filings.

The move aligns with a May 2023 resolution by ICICI Bank’s board to increase its holding in ICICI Lombard by an additional 4% in multiple tranches. The bank had received approvals from regulatory authorities for the plan to enhance its holdings in ICICI Lombard.

ICICI Bank’s shares rose by 0.70%, closing at ₹1,053.45 apiece, while ICICI Lombard’s stock corrected by 0.61% to ₹1,712.75 apiece on the disclosure day.

ICICI Bank Limited is an Indian multinational bank headquartered in Mumbai, offering a broad spectrum of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in areas such as investment banking, life and non-life insurance, venture capital, and asset management.

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