ICICI Bank has received approval from board of directors to increase shareholding in ICICI Lombard General Insurance, 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. The Bank would acquire atleast 2.5% stake out of the above 4.0% before September 9, 2024. The Board of Directors of the Bank, at its meeting held on May 28, 2023 has approved the same.
ICICI Bank is a leading private sector bank in India.
