Bharti Enterprises Sells ICICI Lombard Shares for ₹663 Crore: Transaction Overview
Bharti Enterprises, led by Sunil Bharti Mittal, divested 38.50 lakh shares of ICICI Lombard General Insurance Company for ₹663 crore through open market transactions. This sale reduced Bharti Enterprises’ stake in ICICI Lombard from 2.43% to 1.63%. Concurrently, ICICI Bank, the promoter, increased its stake in ICICI Lombard to 51.7% by purchasing 21 lakh shares.
Following the transactions, ICICI Lombard’s shares experienced a decline of 4.05%, closing at ₹1,651.05 apiece on the BSE.
Earlier in February, ICICI Bank had acquired additional stakes in ICICI Lombard, consolidating it as a subsidiary. In August 2020, ICICI Lombard had acquired Bharti AXA General Insurance, leading to Bharti Group receiving ICICI Lombard shares.
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