The Shares of ICICI Lombard General Insurance rose as much as 14.2 per cent on Monday, a day after ICICI Bank’s board approved raising its stake in the company by 4 per cent in multiple tranches.
ICICI Bank holds 48.02 per cent stake in the company as of March 31, 2023, and plans to acquire at least 2.5 per cent of the 4 per cent before September 9, 2024, it said in an exchange filing late on Sunday.
Earlier in March, the Reserve Bank of India extended ICICI Bank's deadline for reducing its holdings in ICICI Lombard to less than 30 per cent by September 9, 2024.