ICICI Bank already holds 48.02% stake in the general insurer, and it plans to acquire at least 2.5% of the 4% before 9 September 2024.

Earlier in March 2023, the bank had been granted an extension by the Reserve Bank of India (RBI) for divesting its shareholding in ICICI Lombard to less than 30% by 9 September 2024.

The board has also approved the re-appointment of Sandeep Batra as executive director of the bank for a period of two years with effect from 23 December 2023 to 22 December 2025, subject to RBI approval.

ICICI Bank is a leading private sector bank in India. The bank had a network of 5,900 branches and 16,650 ATMs/cash recycling machines at 31 March 2023.

ICICI Lombard General Insurance Company is the leading private general insurance company in the country. The company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. ICICI Lombard has 305 branches and 12,865 employees, as on 31 March 2023.

Shares of ICICI Bank rose 0.54% to Rs 955.65 while ICICI Lombard General Insurance Company surged 11.24% to Rs 1,223.55 on the BSE.