ICICI Lombard share price gains 10% as ICICI Bank okays stake raise in former

  • ICICI Bank's board on May 28 approved raising its stake in ICICI Lombard General Insurance by 4 per cent in multiple transactions

Livemint
Updated29 May 2023, 09:47 AM IST
An equity advisor watches share prices at a financial consultants' firm in Mumbai, India, Monday, April 2, 2007. Indian shares fell sharply in early trade Monday, spooked by fresh moves from the country's central bank to tighten monetary policy and increase lending rates that could likely slow economic growth.The 30-share Sensex of the Bombay Stock Exchange plunged 394 points, 3 percent, to 12,678 points in early trading. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 3.2 percent to 3,700 points. (AP Photo/Gautam Singh)
An equity advisor watches share prices at a financial consultants’ firm in Mumbai, India, Monday, April 2, 2007. Indian shares fell sharply in early trade Monday, spooked by fresh moves from the country’s central bank to tighten monetary policy and increase lending rates that could likely slow economic growth.The 30-share Sensex of the Bombay Stock Exchange plunged 394 points, 3 percent, to 12,678 points in early trading. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 3.2 percent to 3,700 points. (AP Photo/Gautam Singh)

The shares of ICICI Lombard is up by nearly 10 per cent as ICICI Bank's board on May 28 approved raising its stake in ICICI Lombard General Insurance by 4 per cent in multiple transactions, according to an exchange filing on May 28.

ICICI Bank will acquire atleast 2.5 per cent stake out of the four per cent before September 9, 2024.

The shares of ICICI Lombard was trading 10 per cent up at 1,209.85 on BSE, while the shares of ICICI Bank was up 0.56 per cent at 955.90 on BSE in early trade on Monday.

In the year-to-date basis, the shares of ICICI Bank shares has risen by 5.86 per cent while that of ICICI Lombard declined by 2.61 per cent.

“The Board of Directors approved an increase in shareholding in the Company, in multiple tranches up to 4.0% additional shareholding, as permissible under applicable law, to ensure compliance with the 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). The Bank would acquire atleast 2.5% stake out of the above 4.0% before September 9, 2024,” said ICICI Bank in its regulatory filing.

ICICI Bank owns 48.02 per cent in the general insurance arm, ICICI Lombard. In insurance ventures, banks can hold either less than 30 percent or more than 50 percent in accordance with the Reserve Bank of India guidelines.

ICICI Bank also informed the exchanges that its board had approved the reappointment of Sandeep Batra as executive director for two more years, effective December 23, 2023, to December 22, 2025, subject to RBI approval.

The bank's board has re-appointed Hari Mundra, B Sriram, and S Madhavan as Independent Directors for a second term by the ICICI Bank board, it said in its regulatory filing.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:29 May 2023, 09:47 AM IST
Business NewsMarketsStock MarketsICICI Lombard share price gains 10% as ICICI Bank okays stake raise in former

Most Active Stocks

Tata Steel share price

147.55
03:59 PM | 8 NOV 2024
-3.35 (-2.22%)

Tata Motors share price

805.70
03:58 PM | 8 NOV 2024
-14.1 (-1.72%)

Indian Hotels Company share price

733.05
03:51 PM | 8 NOV 2024
49.45 (7.23%)

Ashok Leyland share price

222.00
03:59 PM | 8 NOV 2024
6.2 (2.87%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Page Industries share price

47,987.80
03:53 PM | 8 NOV 2024
2882.3 (6.39%)

National Aluminium Company share price

238.70
03:57 PM | 8 NOV 2024
0.15 (0.06%)

Federal Bank share price

206.05
03:29 PM | 8 NOV 2024
0.05 (0.02%)

Apollo Hospitals Enterprise share price

7,409.05
03:29 PM | 8 NOV 2024
-15.55 (-0.21%)
More from 52 Week High

Aarti Industries share price

474.75
03:59 PM | 8 NOV 2024
-40.3 (-7.82%)

Signatureglobal India share price

1,274.45
03:29 PM | 8 NOV 2024
-107.95 (-7.81%)

Great Eastern Shipping Company share price

1,200.50
03:29 PM | 8 NOV 2024
-90.45 (-7.01%)

GMM Pfaudler share price

1,282.90
03:29 PM | 8 NOV 2024
-92 (-6.69%)
More from Top Losers

Indian Hotels Company share price

733.05
03:51 PM | 8 NOV 2024
49.45 (7.23%)

Vijaya Diagnostic Centre share price

1,098.90
03:29 PM | 8 NOV 2024
71.45 (6.95%)

Motilal Oswal Financial Services share price

996.05
03:59 PM | 8 NOV 2024
61.85 (6.62%)

One 97 Communications share price

848.15
03:58 PM | 8 NOV 2024
52.35 (6.58%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    79,485.00910.00
    Chennai
    79,491.00910.00
    Delhi
    79,643.00910.00
    Kolkata
    79,495.00910.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L0.00
    Chennai
    100.80/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts