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ICICI Lombard in focus after IRDA waiver of lock-in period

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Shares of ICICI Lombard General Insurance Company will be in focus. The Insurance Regulatory and Development Authority of India (IRDAI) vide its letter dated 30 March 2016 had imposed lock in for a period of five years i.e. till 29 March 2021 on 40,278,460 shares (constituting 9% of then issued and paid-up capital of the company) held by FAL Corporation, an affiliate of Fairfax Financial Holdings Limited (Fairfax).

The company was communicated by IRDAI vide its letter dated 3 September 2019 that pursuant to request received from Fairfax and as a matter of exception taken, the conditions of lock in period on the equity shares held by Fairfax in the company, may not be insisted upon. The announcement was made after market hours yesterday, 3 September 2019.

Neeco Global ICT Services announced that it has become a customer of Tata Communications to take to market and deliver Internet of Things (IoT) services for enterprises in Europe. The announcement was made after market hours yesterday, 3 September 2019.

Gujarat Alkalies & Chemicals said that the meeting of the board of directors of the company is scheduled on 27 September 2019 to consider and approve the proposal for split/sub-division of equity shares of the company. The announcement was made after market hours yesterday, 3 September 2019.

IndiaMART announced its investment in Vyapar, a mobile-based business accounting software for small businesses. IndiaMART led the Series A investment round in Simply Vyapar Apps Pvt Ltd, owner of Vyapar, of Rs 36 crore along with the participation of existing investors India Quotient and Axilor. The announcement was made after market hours yesterday, 3 September 2019.

ESR India Investments Holdings Pte. Ltd., a subsidiary of Asia Pacific's leading logistics real estate platform ESR, announced a strategic alliance with Future Group through Future Market Networks. It is estimated that an investment nearly Rs 300 crore (approximately US$42 million) shall be made to develop two stateof-the-art industrial and warehousing parks to service the northern and central regions. The announcement was made after market hours yesterday, 3 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 04 2019. 08:48 IST
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