Icici Bank has informed that the Bank, in its disclosure filed with the stock exchanges on May 28, 2023, had communicated that its Board of Directors had approved an increase in the shareholding in ICICI Lombard General Insurance Company (Company), in multiple tranches up to 4.0% additional shareholding, as permissible under applicable law, to ensure compliance with 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). Vide its disclosure dated August 5, 2023, the Bank had communicated that it had, on August 4, 2023, received the approval from Reserve Bank of India in connection with the above and that certain other statutory/regulatory approval(s) were awaited. On September 1, 2023 (at 9.14 pm), the Bank has received a communication from the Company informing that it has received approval from the Insurance Regulatory & Development Authority of India (IRDAI) in connection with the above. The IRDAI approval is subject to certain conditions and is valid for a period of one year from the date of the letter. The Bank has time upto August 31, 2024 to increase its shareholding in the Company in one or more tranches.
The above information is a part of company’s filings submitted to BSE.
