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.
Public sector banks (PSBs) are poised to deliver approximately 30% higher dividends to the government…
Bank of Maharashtra has emerged as a top performer among public sector banks, showcasing impressive…
In a proud moment for Kannadigas and dairy farmers in Karnataka, the Scotland cricket team…
In a world where speed and connectivity reign supreme, the race towards the next generation…
Venezuela has recently witnessed a poignant environmental milestone, marking a grim reality of the climate…
Fusion Micro Finance has obtained a $25 million loan from the United States International Development…