ICICI Bank raises stake in ICICI Lombard General Insurance

Sunil Bharti Mittal-promoted Bharti Enterprises on Thursday offloaded shares of ICICI Lombard General Insurance Company for Rs 663 crore through open market transactions at an average price of Rs 1,722.5 apiece. Bharti Enterprises Ltd sold 38.50 lakh shares, amounting to a 0.8 per cent stake in ICICI Lombard through nine separate block deals on the BSE. ICICI Bank purchased 21 lakh shares, representing a 0.4 per cent stake in its subsidiary ICICI Lombard, for 361.72 crore and had raised its stakeholding in its general insurance subsidiary to 51.7 per cent from 51.27 per cent.