Shares of ICICI Lombard General Insurance zoomed around 8 percent and currently trades at Rs 1,190. The scrip witnessed an intra-day high figure of Rs 1,255.70 indicating an upside of around 14 percent as compared to the previous close levels of Rs 1,099.95.
Over the last 5 years, the company has been able to generate returns of around 64 percent for its stakeholders ranging from Rs 724 to the current price levels. The company has a market capitalization of Rs 57,940 crores.
One of the prime factors leading to a surge in the company’s stock prices today is after it shared a piece of information through a regulatory filing with the BSE.
The filing mentioned the Board of Directors of ICICI Bank, via a letter dated 28th May 2023, approved an additional stake of up to 4 percent in ICICI Lombard via multiple tranches. As of March 31, 2023, ICICI Bank held 48.02% in the Company.
The filing further mentioned that out of the 4 percent mentioned above, ICICI Bank plans to acquire atleast 2.5 percent before 9th September 2024.
ICICI Lombard is a general insurance company that comprises of various business segments including Marine, Fire, and liability. The company product portfolio includes Motor Insurance, Health Insurance, Third Party Insurance, etc. Geographically, the company conducts its operations in India itself.
Written by Amit Madnani
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