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ICICI Lombard Block Deal Exclusive: ICICI Bank buyer, while Bharti Enterprises sells
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
On February 27, ICICI Bank had acquired 81 lakh shares or 1.65% of the total equity through block deals, followed by another 25 lakh shares two days later.
ICICI Bank Ltd. is the buyer in the block deal that took place in ICICI Lombard on Thursday, sources with knowledge of the matter told CNBC-TV18.
The sources also said that Bharti Enterprises is the seller in that transaction.
ICICI Lombard is in focus after 40 lakh shares of the insurance company exchanged hands in a block deal. Based on the number of outstanding shares, the number of shares that changed hands amounts to 0.8% of the total equity.
With this, ICICI Bank has further increased its stake in ICICI Bank. On February 27, ICICI Bank had acquired 81 lakh shares or 1.65% of the total equity through block deals. Bharti Enterprises was the seller in that transaction as well.
Two days later, on February 29, ICICI Bank acquired another 25.14 lakh shares of ICICI Lombard for a sum of ₹431 crore. This round of purchases made ICICI Lombard a subsidiary of ICICI Bank.
The board of ICICI Bank in May 2023 had approved increasing the Mumbai-based private lender’s holding in the insurance company by another 4% in multiple tranches.
Based on the March quarter shareholding pattern, Bharti Enterprises still had a 2.43% stake in ICICI Lombard.
Shares of ICICI Lombard are down to the day’s low, currently trading 1.2% lower at ₹1,702. The stock has risen 18% so far in 2024.
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