ICICI Bank plans to pick up further stake in ICICI Lombard

30 May 2023 , 09:52 AM

ICICI Bank informed that the board of directors has approved an increase in shareholding in its general insurance subsidiary, ICICI Lombard General Insurance, as the company looks to establish the company as a subsidiary of ICICI Bank.

The bank plans acquisition of another 4% stake in multiple tranches, in compliance with Section 19(2) of the Banking Regulation Act, 1949, said the company in an exchange filing. The company expects to acquire 2.5% of the 4% stake by September 9, 2024.

ICICI Bank filed a disclosure with the stock exchanges on March 10, that it has received an extension from the Reserve Bank of India (RBI) for divestment of its entire stake in ICICI Lombard General Insurance Company Limited. Consequently, ICICI Bank can retain a stake of more than 30% but keep it below 48.02% of the company’s paid-up capital until September 9, 2024.

At around 9.49 AM, ICICI Bank was trading at Rs 950.40, up by 0.24% against the previous close of Rs 948.15 on NSE. The counter touched an intraday high of Rs 951.45 and low of Rs 945.35 respectively.

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