ICICI Lombard General Insurance Company Ltd on Friday acquired a 0.7% stake in Kotak Mahindra Bank for ₹245 crore, the company informed in an exchange filing.
The company also informed the exchanges that it has allotted equity shares under ICICI Lombard Employees Stock Option Scheme-2005.
"The Company has allotted 26,270 (Twenty Six Thousand Two Hundred Seventy Only) Equity Shares of ₹ 10/- (Rupees Ten Only) each on March 1, 2024 to the eligible option holder(s) who had exercised the stock options under ICICI Lombard Employees Stock Option Scheme-2005."
Earlier on February 29, ICICI Bank said it had bought an additional 25.14 lakh shares of ICICI Lombard General Insurance for ₹431 crore.
The move follows a May 2023 resolution by the bank's board to increase the bank's holding of ICICI Lombard by another 4% in multiple tranches.
ICICI Bank had also acquired a 1.65% stake (approximately 81 lakh shares) in ICICI Lombard General Insurance Company for ₹1,356 crore through block deals on February 27. Bharti Enterprises was identified as the seller in this transaction.
(Edited by : Ajay Vaishnav)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Why phase-3 is a tightrope walk for all parties
May 7, 2024 1:08 PM
Himachal Pradesh Lok Sabha elections 2024: Seats, schedule, Congress candidates and more
May 7, 2024 12:27 PM