Update: March 1, 2024

ICICI Bank buys 25 lakh shares to make ICICI Lombard Gen Insurance subsidiary co

ICICI Bank, a private sector lender, announced on Thursday that it had acquired an additional 25.14 lakh shares of ICICI Lombard General Insurance for Rs 431 crore.

Private sector lender ICICI Bank on Thursday said it has bought an additional 25.14 lakh shares of ICICI Lombard General Insurance for Rs 431 crore

Disclosure of the purchase through the stock exchanges comes two days after it announced the purchase of close to 81 lakh shares in ICICI Lombard for Rs 1,356 crore.

With the latest purchase of shares, ICICI Lombard has become a subsidiary of the bank, as per regulatory filings. The move follows a May 2023 resolution by the bank’s board to increase the bank’s holding ICICI Lombard by another 4 per cent in multiple tranches.

It had also secured nods from the banking and insurance watchdogs to go ahead with the plan to increase the holdings, the filing said. ICICI Bank shares gained 0.70 per cent to close at Rs 1,053.45 apiece, while ICICI Lombard stock corrected by 0.61 per cent to Rs 1,712.75 apiece on Thursday.

CMS Info System gains 7% as CEO Rajiv Kaul raises stake

On February 27, promoter investor Sion Investment had sold its remaining stake and exited CMS Info Systems

In Q3FY24, CMS Info Systems reported a revenue of Rs 582 crore, rising by 19 percent YoY, compared to Rs 488.3 crore recorded in the same quarter a year ago. Net Profit also grew 14.91 percent to Rs 87 crore for the October-December quarter of FY24, against Rs 75.8 crore in the previous fiscal.

Shares of CMS Info Systems gained nearly 7 percent at the open on March 1, a day after the cash management company said that CEO Rajiv Kaul had increased his stake in the company.

At 9:40 am, the stock was trading at Rs 409.55.

Source: Money Control