ICICI Bank hits 52-week high as it raises stake in ICICI Lombard

ICICI Bank has purchased additional 25.14 lakh shares in ICICI Lombard General Insurance for Rs 431 crore, the second such transaction in a week. ICICI Lombard is now subsidiary of the bank

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Shares of ICICI Bank rallied 3 percent to hit a 52-week high of Rs 1,085.3 on March 1 after the private lender upped his stake in ICICI Lombard General Insurance via an open market transaction, the second such purchase in a week.

The transaction came within days of the private sector lender purchasing a 1.6 percent stake in the issuer for Rs 1,356 crore.

At 1.11 pm, the stock was trading at Rs 1,085.10 on the National Stock Exchange (NSE), up 3.13 percent.

The stock has surged 8 percent, so far, this year, against a 2 percent decline in the Bank Nifty index during the period.

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On February 29, ICICI Bank purchased an additional 25.14 lakh shares in ICICI Lombard General Insurance for Rs 431 crore.

The disclosure of the purchase came two days after the announcement of the acquisition of close to 81 lakh shares in ICICI Lombard for Rs 1,356 crore.

With the latest share acquisition, ICICI Lombard has become a subsidiary of the bank, as per regulatory filings. This development follows a May 2023 resolution by the bank’s board to increase the bank’s holding in ICICI Lombard by another 4 percent in multiple tranches.

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It also obtained approvals from banking and insurance regulatory authorities to proceed with the plan to increase the holdings, the filing said.

Shares of ICICI Lombard declined 2 percent to Rs 1,670 on March 1. The insurance firm has surged over 17 percent this year and hit a 52-week high of Rs 1,739 on February 28, 2024.

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