ICICI Lombard Acquires Stakes in Kotak Mahindra Bank and SRF Limited

On April 15, 2024, ICICI Lombard General Insurance Company Limited announced in a stock exchange filing that the company acquired shares in Kotak Mahindra Bank Limited and SRF Limited.

Details of the Acquisition 

ICICI Lombard General Insurance Company acquired a stake in Kotak Mahindra Bank Limited and SRF Limited. Post-acquisition, ICICI Lombard General Insurance Company holds a 0.09% stake in Kotak Mahindra Bank Limited and 0.25% in SRF Limited.

The cost of acquisition for the shares acquired prior to the date of acquisition amounted to ₹3.15 billion in Kotak Mahindra Bank and ₹1.72 billion in SRF Limited. Cumulatively up to the date of acquisition, it was ₹3.19 billion in Kotak Mahindra Bank and ₹1.78 billion in SRF Limited.

ICICI Lombard General Insurance Company stated that the acquisition of shares is being made in the ordinary course of the company’s business. Investment in Kotak Mahindra Bank Limited and SRF Limited does not constitute a related party transaction. They also added that ICICI Lombard’s promoter and promoter group entities may have investment and other business-related transactions/arrangements with Kotak Mahindra Bank Limited and SRF Limited at arm’s length.

About Kotak Mahindra Bank Limited

Kotak Mahindra Bank Limited offers a wide range of banking and financial services. The company reported a turnover of ₹413.34 billion in FY 2023, ₹333.93 billion in FY 2022 and ₹322.99 billion in FY 2021.

About SRF Limited 

SRF Limited is an Indian chemical manufacturing company. The company reported a turnover of ₹148.70 billion in FY 2023, ₹124.34 billion in FY 2022 and ₹84.00 billion in FY 2021.

About ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company Ltd was established as a joint venture between ICICI Bank and Fairfax Financial Holdings Ltd. It is one of the prominent private sector general insurance companies that provides a wide range of products and risk management solutions via different distribution channels.

On April 16, 2024, the share price of ICICI Lombard General Insurance Company Ltd opened at ₹1,617.20, touching the day’s high at ₹1,650.00, as of 9:47 AM on the NSE.

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