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Business News/ Markets / Stock Markets/  ICICI Lombard share price gains 10% as ICICI Bank okays stake raise in former

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.

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Updated: 29 May 2023, 09:47 AM IST
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