ICICI Lombard acquires 0.7% stake of Kotak Mahindra Bank for ₹245 crore

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.