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ICICI Bank buys additional 25.14 lakh shares in ICICI Lombard General Insurance

02 Mar 2024 Evaluate

ICICI Bank has bought an additional 25.14 lakh shares of ICICI Lombard General Insurance for Rs 431 crore. With the latest purchase of shares, ICICI Lombard has become a subsidiary of the bank. 

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. 

ICICI Bank is a leading private sector bank in India.

Peers
Company Name CMP
HDFC Bank 719.35
ICICI Bank 1305.50
Axis Bank 1214.00
Kotak Mahindra Bank 419.80
Indusind Bank 880.00
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