ICICI Lombard Shares Soar Over 8% After ICICI Bank Seeks To Increase Stake

Shares of leading company operating in Financial Services sector, ICICI Lombard General Insurance Company Ltd on Monday registered a sharp rise of 8% to end at Rs 1190.00 per share. In early trade, ICICI Lombard rallied approximately 12%. The surge in shares of ICICI Lombard took place after board of ICICI Bank approved an increase in shareholding in the company in multiple tranches up to 4.0% additional shareholding. The move will officially make ICICI Lombard as the subsidiary of ICICI Bank. Check details below:

ICICI Bank Opts To Increase Stake In ICICI Lombard: According to the BSE filing of the company, "ICICI Bank has informed the Company vide their letter dated May 28, 2023 that the Board of Directors of ICICI Bank 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 ICICI Bank, subject to receipt of necessary regulatory approval(s). ICICI Bank would acquire at least 2.5% stake out of the above 4.0% before September 9, 2024."

ICICI Lombard Stock Performance & Return: Last trading price of ICICI Lombard share is Rs 1190.00 on BSE. ICICI Lombard stock 52-week high price is Rs 1369.00 per share and 52-week low price is Rs 1049.10 apiece, respectively. The company has a market capitalisation of Rs 58,446.72 crore. ICICI Lombard share gave return of 10% in last 1-month, 8% in last 3-months, declined over 5% in last 1-year, 20% in last 2-years, and 8% decline in last 3-years.

ICICI Lombard About: ICICI Lombard General Insurance Company Limited is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs 185.62 billion for the year ended March 31, 2022. The company issued 29.3 million policies and settled 2.3 million claims as on March 31, 2022, according to its official website.