ICICI Lombard Shares Gain As IRDAI Approves Stake Increase By ICICI Bank

Shares of ICICI Lombard General Insurance Co. advanced on Monday after the insurance regulator approved the acquisition of up to 4% additional stake by ICICI Bank Ltd. The stake increase is through purchase of shares from the market. The acquisition will make the insurance firm a subsidiary of ICICI Bank. according to an exchange filing on Sept. 1. ICICI Bank currently owns a 48.02% stake in ICIC

The approval by the Insurance Regulatory and Development Authority of India subject to the condition that ICICI Bank will continue to act as promoter of the company. Shares of ICICI Lombard rose 4.29% to Rs 1,398.9 per share, the highest since May 29. The shares are trading 0.88% higher at Rs 1,353.20 apiece in comparison to a 0.26% advance in the benchmark NSE Nifty 50 as of 12:11 p.m. The sto

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