India's ICICI Lombard jumps as ICICI Bank approves raising stake

Reuters

Updated 29 May 2023 at 12:21 am·1-min read

A man walks past a billboard of Indian insurer ICICI Lombard in Mumbai

BENGALURU (Reuters) -Shares of ICICI Lombard General Insurance Co Ltd rose as much as 14.2% on Monday, a day after ICICI Bank Ltd's board approved raising its stake in the company by 4% in multiple tranches.

ICICI Bank holds 48.02% stake in the company as of March 31, 2023, and plans to acquire at least 2.5% of the 4% before September 9, 2024, it said in an exchange filing late on Sunday.

Earlier in March, the Reserve Bank of India extended ICICI Bank's deadline for reducing its holdings in ICICI Lombard to less than 30% by Sept. 9, 2024.

Shares of the general insurer were last up at 11.4% at 1,224.80 rupees. They posted their biggest intraday pct gain since April 7, 2020 and the highest level since Jan. 18.

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil and Varun H K)

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