ICICI Lombard General Insurance Company has increased its shareholding in Axis Bank, it said in a stock exchange filing on Monday, 7 October. The insurance firm has a 0.08 percent stake in the bank, bringing its total investment cost to Rs 2.36 billion as of October 7, 2024.
The acquisition, made during market hours on October 7, was conducted in the ordinary course of ICICI Lombard’s business, with no regulatory approvals required, said the insurance firm. The investment into Axis Bank was carried out through cash consideration.
ICICI Lombard clarified that this transaction does not fall under the category of related party transactions, though entities within its promoter group may have other business dealings with Axis Bank at arm’s length.
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Axis Bank, which has a market capitalisation of Rs 3.56 lakh crore, has seen its share price rise 16 percent over the last year, underperforming the NSE Nifty 50, which has gained 27 percent. The private bank stock has declined by 10 percent over the past two weeks, while the Nifty has dropped 5.5 percent in the same period.
In the last trading session, Axis Bank’s share price fell 2.3 percent, closing at Rs 1,151.3.
Axis Bank, incorporated in 1993, is the third-largest private sector lender in India, behind HDFC Bank and ICICI Bank. It offers a broad range of financial services across corporate, retail, and agricultural sectors. The bank reported a turnover of Rs 1.38 lakh crore in the last financial year 2023-24, up from Rs 1.06 lakh crore in the previous year.
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