LCP Image

Back to TSCFM News

ICICI Bank gets approval to raise stake in ICICI Lombard

August 07, 2023

ICICI Bank gets approval to raise stake in ICICI Lombard

India’s second-largest private sector lender ICICI Bank (NS:ICBK) announced that it has received approval from the Reserve Bank of India to raise the shareholding in ICICI Lombard General Insurance Company (NS:ICIL).

On May 28, 2023, Investing.com reported that the banking giant’s Board of Directors approved to increase its shareholding in the general insurer ICICI Lombard to over 50%.

ICICI Bank’s shareholding in the insurance major stands at 48.02% as on March 31, 2023, and now its Board had given a green flag to raise its stake in ICICI Lombard by up to 4% in multiple tranches.

The private bank informed the stock exchanges on Saturday that it had received RBI’s approval to undertake this stake hike in ICICI Lombard on August 4, 2023. Certain other statutory or regulatory approval(s) are awaited, the lender noted.

The banking behemoth will acquire at least a 2.5% stake in ICICI Lombard before September 9, 2024, out of the approved 4%.

As per the guidelines of the Reserve Bank of India (RBI), banks can own a shareholding of either less than 30% in insurance companies or more than a 50% stake.

ICICI Bank had informed back in March that RBI had granted it an extension in the timeline for divesting its shareholding in ICICI Lombard to less than 30% of the company’s paid-up capital till September 9, 2024.

Important Links:

4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/

Tags:

ICICIICICI LombardPrivate BankRBI

Investment Basket linked to Special Vostro Accounts should include corporate bonds

South Indian Bank launches SIB EXIM Current account

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

About TSCFM

TSCFM is a brand of SMART Institute Pvt. Ltd., which is a part of The Shahani Group of Institutions. We are the only B-school in Mumbai to bring the best of international management education to India. We are ranked No. 3 among colleges offering Global Business Courses in India by Outlook.

Quick Links:

Quick Links

Call us on:

Email:

info@shahanigroup.com

Social Media:

Consult a Career Advisor

Name*

Email Address*

Contact Number*

Select Qualification*

Course*

Nearest Centre*

Residing City*

Your Message

REQUEST A CALLBACK

Kindly Fill up the details to receive a call from our Career expert

Name*

Email Address*

Contact Number*

Select Qualification*

Course*

Nearest Centre*

Residing City*

Your Message

 array(8) 
[
    "obj_type"   => string(6) "module"
    "obj_id"     => string(43) "module:m_root_request-callback-popup:GxUmdp"
    "slug"       => string(22) "request-callback-popup"
    "hash"       => string(29) "m_root_request-callback-popup"
    "title"      => string(22) "request-callback-popup"
    "collection" =>  array(1) 
        [
            "post_type" => string(6) "m_root"
        ]
    "post_type"  => string(6) "m_root"
    "templates"  =>  array(1) 
        [
            "main" =>  array(2) 
                [
                    "code" => string(5504) "
	
  [css.style]
    a.request-callback {
      position: fixed;
      z-index: 999999999;
      left: ~"calc(100% - 37px)";
      top: 50%;
      color: #fff;
      transform: rotate(-90deg) translateX(-50%);
      transform-origin: 0% 0%;
      white-space: nowrap;
      border-radius: 10px 10px 0 0;
      font-size: 16px;
      box-shadow: 0px -3px 8px rgba(0, 0, 0, 0.16);
      &:hover{
          padding-bottom: 15px;
          left: ~"calc(100% - 47px)";
      }
    }
    .request-callback-popup {
        display: none;
        position: fixed;
        left: 0;
        top: 0;
        width: 100%;
        height: 100%;
        z-index: 9999999999;
        overflow-y: auto;
        background-color: rgba(0,0,0,0.6);
        @media only screen and (min-width: 576px) {
            .container {
                max-width: 540px;
            }
        }
        @media only screen and (min-width: 768px) {
            .container {
                max-width: 720px;
            }
        }
        @media only screen and (min-width: 992px) {
            .container {
                max-width: 960px;
            }
        }
        @media only screen and (min-width: 1200px) {
            .container {
                max-width: 1140px;
            }
        }
        @media only screen and (max-width: 767px) {
            .pad-x-8 {
                padding-left: 25px;
                padding-right: 25px;
            }
        }
        .btn{
            white-space: normal;
            img{
                 width: 22px;
            }
        }
        .close-request-callback-popup{
            position: absolute;
            right: 15px;
            top: 0;
            cursor: pointer;
            &:hover{
                color: @brand-secondary;
            }
        }
        .btn.btn-sm {
            font-size: 13px;
            padding: 7px 20px;
            min-height: auto;
        }
        p{
            margin-bottom: 5px;
        }
        .popup-content{
            &.popup-open{
                  animation: slide-in-elliptic-right-fwd 0.7s ease-in-out both;
            }
            &.popup-closed {
                  animation: slide-out-elliptic-right-bck 0.5s ease-in both;
            }
        }
    }

    @keyframes slide-in-elliptic-right-fwd {
      0% {
        -webkit-transform: translateX(2100px) rotateY(-30deg) scale(0);
                transform: translateX(2100px) rotateY(-30deg) scale(0);
        -webkit-transform-origin: -100% 50%;
                transform-origin: -100% 50%;
        opacity: 0;
      }
      100% {
        -webkit-transform: translateX(0) rotateY(0) scale(1);
                transform: translateX(0) rotateY(0) scale(1);
        -webkit-transform-origin: -1800px 50%;
                transform-origin: -1800px 50%;
        opacity: 1;
      }
    }

    @keyframes slide-out-elliptic-right-bck {
      0% {
        -webkit-transform: translateX(0) rotateY(0) scale(1);
                transform: translateX(0) rotateY(0) scale(1);
        -webkit-transform-origin: -1800px 50%;
                transform-origin: -1800px 50%;
        opacity: 1;
      }
      100% {
        -webkit-transform: translateX(2100px) rotateY(-30deg) scale(0);
                transform: translateX(2100px) rotateY(-30deg) scale(0);
        -webkit-transform-origin: -100% 50%;
                transform-origin: -100% 50%;
        opacity: 1;
      }
    }
    .modified-tag{
      color: #000000;
      margin-bottom:revert !important;
    }
  [/css.style]
  
	<a href="#" class="brand-secondary-bg pad-1 pad-x-5 request-callback">REQUEST A CALLBACK</a>
  <div class="request-callback-popup">
      <div class="container">
          <div class="gap-6"></div>
          <div class="row justify-content-center">
              <div class="col-md-8 popup-content popup-closed">
              	<div class="brand-white-bg pad-6">
                  <i class="close-request-callback-popup font-bold font-size-large icon-close pad-x-1"></i>
                  
                  <p class="font-bold mar-b-5 font-size-big modified-tag">Kindly Fill up the details to receive a call from our Career expert</p>
                  [if.empty module.campaign_course]
                  	[form.popup-from.enquiry_form /]
                  [/if.empty]
                  [if.not_empty module.campaign_course]
                  	[form.popup-from.campaign_enquiry_form course="{module.campaign_course}" /]
                  [/if.not_empty]
                </div>
                <div class="is-none">[aw2.get module dump="true" /]</div>
              </div>
          </div>
          <div class="gap-6"></div>
      </div>
  </div>
  <script type="spa/axn" axn="core.run_script">
    $(".request-callback").click(function(e){
        e.preventDefault();
        $(this).fadeOut();
        $(".request-callback-popup").fadeIn("fast");
        $("html").css("overflow-y","hidden");
        $(".request-callback-popup .popup-content").removeClass("popup-closed").addClass("popup-open");
    });

    $(".close-request-callback-popup").click(function(){
        $(".request-callback-popup .popup-content").removeClass("popup-open").addClass("popup-closed");
       	setTimeout(function(){
          	$(".request-callback-popup").fadeOut(200);
        		$(".request-callback").fadeIn(200);
            $("html").css("overflow-y","auto");
        },500);
        setTimeout(function(){
            $("html").css("overflow-y","auto");
        },1000);

    });
  </script>
"
                    "name" => string(4) "main"
                ]
        ]
]

Chat on WhatsApp