ICICI Bank To Raise Stake In ICICI Lombard General Insurance By Up To 4%

ICICI Bank plans to raise its shareholding in ICICI Lombard General Insurance by up to 4%, according to an exchange filing by the lender on Sunday.

The bank already holds a 48.02% stake in ICICI Lombard, and it plans to acquire at least 2.5% of the above 4% before Sept. 9, 2024. Earlier in March, ICICI Bank had been granted an extension by the Reserve Bank of India for reducing the bank’s shareholding in ICICI Lombard to less than 30% by Sept. 9, 2024.

The decision to raise the bank's shareholding in ICICI Lombard was approved by the bank's board of directors on Sunday.

The board has also approved the re-appointment of Sandeep Batra as Executive Director of the bank for a period of two years—staring on Dec. 23—subject to approval from the Reserve Bank of India.

Other re-appointments approved by the board include:

• Hari Mundra, Independent Director

• B. Sriram, Independent Director

• S. Madhavan, Independent Director

The re-appointments of independent directors are subject to shareholder approval.