On July 23, 2024, ICICI Lombard General Insurance Company Limited announced via a stock exchange that it had acquired a 0.01% shareholding in Reliance Industries Limited.
Regarding the objective of the acquisition, the company stated it as part of ICICI Lombard’s regular business activities.
Related Party Transaction
The investment in Reliance Industries Limited does not constitute a related party transaction. However, ICICI Lombard’s promoter and promoter group entities may have investments and other business transactions with Reliance Industries Limited, all conducted at arm’s length.
Timeline for Completion
The acquisition was completed on July 23, 2024, during market hours and was made through cash consideration.
Cost of Acquisition
The cost of acquisition prior to the date of acquisition is ₹1.95 billion, with the cumulative cost up to the date of acquisition amounting to ₹2.09 billion.
Shareholding DetailsTimeline for Completion
The percentage of shareholding acquired prior to the date of acquisition is 0.01%, and the cumulative shareholding up to the date of acquisition remains 0.01%.
Reliance was established between 1980 and 1982 with its first plant for petrochemicals and polyester filament yarn. By 2000, it had built Jamnagar’s largest grassroots refinery. In 2002, Reliance expanded into the InfoComm sector in India. The company also launched the Reliance Foundation to support Indians with care, opportunities, and development. In 2016-17, Reliance revolutionised India’s digital landscape with the launch of Jio, which now offers financial services and 5G technology.
ICICI Lombard General Insurance Company Limited is a non-life insurer in India based on Gross Direct Premium Income. The company offers a various range of insurance products, such as motor, health, travel, personal accident, crop, fire, marine, and liability insurance. These products are distributed through various channels, including direct sales, individual agents, banks, corporate agents, brokers, and online platforms. They serve individual, corporate, and government customers. ICICI Lombard was established as a Public Limited Company on October 30, 2000.
On July 24, 2024, the share price of ICICI Lombard General Insurance Co Ltd opened at ₹1,880.35, touching the high price at ₹1,911.00 as of 10:09 AM on NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jul 24, 2024, 2:24 PM IST
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