IRDAI nod for SBI MF to pick upto 10% in ICICI Lombard
The Hindu
Insurance regulator IRDAI has accorded SBI Mutual Funds approval to acquire up to 10% of total paid-up equity share capital of ICICI Lombard General Insurance Company through market purchase.
Insurance regulator IRDAI has accorded SBI Mutual Funds approval to acquire up to 10% of total paid-up equity share capital of ICICI Lombard General Insurance Company through market purchase.
SBI Mutual Funds has been advised, by IRDAI, to ensure that its total shareholding, including those of group entities or body corporate under the same management, not exceed 10% of the equity, the general insurer said in a regulatory filing on Monday.
The approval is valid for one year and subject to compliance with applicable provisions and conditions of statutory and regulatory bodies concerned. During the quarter ended March, SBI Mutual Fund, through various schemes, held 4.62% stake in the insurance company. On Tuesday, ICICI Lombard shares closed flat at ₹1,214.95 apiece on BSE.
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