Private sector lender ICICI Bank on Tuesday hiked its stake in ICICI Lombard General Insurance by 1.42 per cent. It bought nearly 7 million shares for Rs 1,164 crore at Rs 1,666 apiece. Shares of ICICI Lombard last closed at Rs 1,729, up 4.8 per cent. At the end of December 2023 quarter, ICICI Bank held 47.91 per cent stake in its general insurance arm.
Sion Investment exited CMS Info Systems promoter Sion Investment Holdings on Tuesday divested its remaining 26.7 per cent stake in the cash management company for Rs 1,547 crore through open market transactions. It sold nearly 42 million shares at Rs 370 apiece.
Among the buyers were ICICI Prudential Mutual Fund, CoIndia Fund and Kotak Smallcap Fund. Shares of CMS fell 3 per cent to close at Rs 386. In August 2023, Sion Investment had divested a 19.4 per cent stake for Rs 1,071 crore.
