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ICICI Lombard General Insurance Company Ltd on Friday acquired a 0.7% stake in Kotak Mahindra Bank for ₹245 crore, the company informed in an exchange filing.
The company also informed the exchanges that it has allotted equity shares under ICICI Lombard Employees Stock Option Scheme-2005.
“The Company has allotted 26,270 (Twenty Six Thousand Two Hundred Seventy Only) Equity Shares of ₹ 10/- (Rupees Ten Only) each on March 1, 2024 to the eligible option holder(s) who had exercised the stock options under ICICI Lombard Employees Stock Option Scheme-2005.”
The move follows a May 2023 resolution by the bank’s board to increase the bank’s holding of ICICI Lombard by another 4% in multiple tranches.
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