On April 2, 2024, ICICI Lombard General Insurance Company Limited informed in an exchange filing that the company had acquired an additional 0.03% shares in Hero Motocorp Limited. The acquisition increases ICICI Lombard General Insurance Company Limited’s stake in Hero Motocorp Limited to 0.42%.
On Tuesday, ICICI Lombard General Insurance Company Limited acquired shares of 0.03% in the Indian motorcycle manufacturer Hero Motocorp Limited. As of April 2, 2024, the market cap of Hero Motocorp Limited was ₹912 billion.
ICICI Lombard General Insurance Company stated in the exchange filing that the nature of consideration for the transaction is cash. The cost of acquisition, or the price at which the shares were acquired, amounted to ₹2.62 billion before the date of acquisition and increased to ₹2.85 billion cumulatively up to the date of acquisition.
The company further stated that it had 0.39% of the shares or control prior to the specified acquisition date, i.e., April 2, 2024. Cumulatively, up to the acquisition date, the entity had acquired a total of 0.42% of the shares or control, including those acquired before that date.
ICICI Lombard mentioned that the acquisition of shares is being made in the ordinary course of the company’s business. They also said that the investment in Hero Motocorp Limited does not constitute a related party transaction. ICICI Lombard’s promoter and promoter group entities may have investment and other business-related transactions/arrangements with Hero Motocorp Limited at arm’s length.
Hero Motocorp Limited, together with its subsidiaries, is a two-wheeler manufacturer with a wide range of motorcycle and scooter products. They have a registered office in India. In FY 2023, Hero Motocorp reported a turnover of ₹338.06 billion, while it was ₹292.45 billion in FY 2022 and ₹308.01 billion in FY 2021. On April 3, 2024, the Hero Motocorp share price opened at ₹4,584.90, touching the day’s high at ₹4,603.25, as of 11:13 AM on the NSE.
ICICI Lombard General Insurance Company Ltd is one of the prominent and established private sector general insurance companies in India. On April 3, 2024, the ICICI Lombard General Insurance Company share price opened at ₹1,700.00, touching the day’s high at ₹1,709.95, as of 11:14 AM on the 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: Apr 3, 2024, 12:57 PM IST
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