ICICI Lombard General Insurance Company has further increased its stake in Axis Bank by bringing the total investment amounting to Rs 236 crore on October 7, 2024. The deal brings the insurer’s stake in the bank to 0.08 percent, data from a stock exchange filing showed.
The transaction was carried out during market hours on October 7, and it was an all-cash deal. Since the transaction fell under the normal course of business for ICICI Lombard, it did not require any regulatory approvals. According to ICICI Lombard, due to the possibility of the other promoter group firms having arm’s length dealings with Axis Bank, the transaction would not be considered a related party deal.
Axis Bank, with a market capitalization of Rs 3.56 lakh crore, has seen a 16 percent rise in its share price over the past year, underperforming the Nifty 50 index’s 27 percent gain. However, in the last two weeks, the bank’s stock has fallen 10 percent, mirroring the broader market’s decline.
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Source: Moneycontrol
News Desk
