ICICI Bank To Raise Stake In ICICI Lombard General Insurance By Up To 4%

Current Context: According to an exchange filing on May 28, ICICI Bank has decided to increase its shareholding in ICICI Lombard General Insurance by 4 percent in multiple transactions.

• The bank currently owns 48.02 percent in the general insurance arm and it plans to acquire at least 2.5 percent of the 4 percent by September 9, 2024. This would make the general insurance company a subsidiary of the bank
• It could enable ICICI Bank to leverage the synergies between its banking and insurance operations and offer more integrated products and services to its customers

Question:

Q.1 How much stake does ICICI Bank plan to acquire in ICICI Lombard by September 9, 2024?
a. 2.5%
b. 4%
c. 5.5%
d. 6%