ICICI Lombard gets GST show-cause notice worth ₹288 crore

By: Admin
May 24, 2024
Categories: GST Recent News
4 Min Read

ICICI Lombard General Insurance Company Ltd has received a GST show-cause notice worth ₹288 crore for fiscal year 2020, CNBC-TV18 said in a post on X (formerly Twitter) on Thursday.

In the fourth quarter of FY24, ICICI Lombard General Insurance Company’s topline rose by 1.29 per cent and the profit surged by 18.89 per cent YoY.

In the third quarter, the revenue grew by 3.13 per cent and the profit increased by 20.41 per cent.

The Selling, general and administrative expenses declined by 22.37 per cent q-o-q and decreased by 59.48 per cent Y-o-Y.

The operating income rose 29.87 per cent q-o-q and decreased by 52.46 per cent Y-o-Y.

Earlier this month, Sunil Bharti Mittal-promoted Bharti Enterprises offloaded shares of ICICI Lombard General Insurance Company for ₹663 crore through open market transactions.

The company sold 38.50 lakh shares, amounting to a 0.8 per cent stake in the general insurer through nine separate block deals on the BSE.

The shares were sold at an average price of ₹1,722.5 apiece, taking the deal size to ₹663.16 crore.

Axis Mutual Fund (MF), Aditya Birla Sun Life MF, Invesco MF, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs Singapore and Blackstone Aqua Master Sub-Fund acquired shares of Mumbai-based general insurer.

After the shares sale, Bharti Enterprises’ stake in ICICI Lombard declined to 1.63 per cent from 2.43 per cent.

ICICI Bank purchased 21 lakh shares, representing a 0.4 per cent stake in its subsidiary ICICI Lombard, for ₹361.72 crore.

After the stake purchase, ICICI Bank’s stakeholding in its subsidiary rose to 51.7 per cent from 51.27 per cent.

Shares of ICICI Lombard General Insurance Company rose 0.87 per cent to close at ₹1,662.00 apiece on Thursday.

Source from: https://www.livemint.com/companies/news/icici-lombard-gets-gst-show-cause-notice-worth-rs-288-crore-11716459418281.html