ICICI Bank rises on getting nod to increase shareholding in ICICI Lombard General Insurance
ICICI Bank is currently trading at Rs. 951.95, up by 1.40 points or 0.15% from its previous closing of Rs. 950.55 on the BSE.
The scrip opened at Rs. 952.30 and has touched a high and low of Rs. 957.75 and Rs. 950.85 respectively. So far 60639 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 958.00 on 30-Nov-2022 and a 52 week low of Rs. 670.35 on 17-Jun-2022.
Last one week high and low of the scrip stood at Rs. 958.00 and Rs. 933.45 respectively. The current market cap of the company is Rs. 665621.85 crore.
The Institutions holding in the company stood at 89.51%, while Non-Institutions held 10.49%.
ICICI Bank has received approval from board of directors to increase shareholding in ICICI Lombard General Insurance, in multiple tranches up to 4.0% additional shareholding, as permissible under applicable law, to ensure compliance with the Section 19(2) of the Banking Regulation Act, 1949 and make the Company, a subsidiary of the Bank, subject to receipt of necessary regulatory approval. The Bank would acquire atleast 2.5% stake out of the above 4.0% before September 9, 2024. The Board of Directors of the Bank, at its meeting held on May 28, 2023 has approved the same.
ICICI Bank is a leading private sector bank in India.