Bharti Enterprises sells ICICI Lombard shares worth ₹663 Crore

10 May 2024 , 10:42 AM

Bharti Enterprises, led by Sunil Bharti Mittal, sold ICICI Lombard General Insurance Company shares for ₹663 Crore via open market transactions on Thursday.

Mumbai-based general insurer ICICI Lombard sees acquisition of shares by Axis Mutual Fund, Aditya Birla Sun Life MF, Invesco MF, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs Singapore, and Blackstone Aqua Master Sub-Fund.

Bharti Enterprises Ltd divests 38.50 lakh shares, constituting a 0.8% stake in ICICI Lombard, through nine separate block deals on the BSE at an average price of ₹1,722.5 per share, totaling ₹663.16 Crore. Bharti Enterprises’ shareholding in ICICI Lombard decreases from 2.43% to 1.63% following the stake sale.

ICICI Bank, the promoter, purchases 21 lakh shares, equivalent to a 0.4% stake in its subsidiary ICICI Lombard, for ₹361.72 Crore, increasing its stakeholding in ICICI Lombard to 51.7% from 51.27%. ICICI Lombard’s shares decline by 4.05% to ₹1,651.05 per share on the BSE post the transactions.

In February this year, ICICI Bank acquired an additional 1.4% stake in ICICI Lombard for ₹1,356 Crore, followed by the purchase of an additional 25.14 lakh shares for ₹431 Crore on February 29, making ICICI Lombard a subsidiary of ICICI Bank.

In August 2020, ICICI Lombard acquired Bharti AXA General Insurance, resulting in Bharti Group receiving ICICI Lombard shares as part of all stock deals with the company.

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