In a disclosure on March 10, it said that the RBI had extended the deadline for reducing the bank’s stake in ICICI Lombard to below 30% of the company’s paid-up capital until September 9, 2024.
ICICI Bank aims to acquire an additional 4% stake in ICICI Lombard in multiple tranches. The bank plans to buy at least 2.5% of the additional stake before September 9, 2024. RBI norms allow banks to hold a stake in insurance companies as a subsidiary (above 50%) or to cap their holding at 30%.
The board also approved Hari Mundra and B Sriram’s reappointments as independent directors for their second terms. Mundra, a visiting professor at IIM Ahmedabad, will serve from October 26, 2023, to October 25, 2024, when he reaches the age of 75. Sriram, a former managing director of IDBI Bank, will continue from January 14, 2024, to January 13, 2027, subject to shareholder consent.
Additionally, the board also re-appointed Sandeep Batra as the executive director of ICICI Bank. Batra’s initial appointment, approved by the shareholders and the RBI, commenced on December 23, 2020, for five years. The board has extended his term for an additional two years, from December 23, 2023, to December 22, 2025.
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