ICICI Bank buys 25 lakh shares to make ICICI Lombard Gen Insurance subsidiary co

Private sector lender ICICI Bank on Thursday said it has bought an additional 25.14 lakh shares of ICICI Lombard General Insurance for Rs 431 crore.

Disclosure of the purchase through the stock exchanges comes two days after it announced the purchase of close to 81 lakh shares in ICICI Lombard for Rs 1,356 crore.

With the latest purchase of shares, ICICI Lombard has become a subsidiary of the bank, as per regulatory filings.

The move follows a May 2023 resolution by the bank's board to increase the bank's holding ICICI Lombard by another 4 per cent in multiple tranches.

It had also secured nods from the banking and insurance watchdogs to go ahead with the plan to increase the holdings, the filing said.

ICICI Bank shares gained 0.70 per cent to close at Rs 1,053.45 apiece, while ICICI Lombard stock corrected by 0.61 per cent to Rs 1,712.75 apiece on Thursday.