ICICI Lombard General Insurance Co Ltd (ICIL.NS) shares soared 14.2% on Monday after ICICI Bank Ltd. (ICBK.NS) approved a 4% stake increase in multiple tranches.
ICICI Bank has 48.02% of the company as of March 31, 2023, and expects to acquire at least 2.5% of the 4% before September 9, 2024, according to an exchange filing late Sunday.
The Reserve Bank of India extended ICICI Bank’s deadline to reduce its stake in ICICI Lombard to less than 30% to September 9, 2024, in March.
General insurance shares rose 11.4% to 1,224.80 rupees. Their intraday pct increase was the best since January 18 and the biggest since April 7, 2020.
