ICICIGIICICI Lombard General Insurance Company Ltd.

ICICI Lombard acquires ₹172 crore of State Bank of India shares

Mergers & acquisitions
General insurance

Blacklitt Research28 October 20262 min read

ICICI Lombard General Insurance Company (NSE: ICICIGI) has acquired shares of State Bank of India worth ₹172 crore, it said in a filing on 28 Oct 2026. The investment was made in cash over multiple tranches, and the company's cumulative holding in the bank after the purchase is 0.02%.

Key highlights

Value of shares acquired on 28 Oct 2026: ₹172 crore
Cumulative holding in State Bank of India: 0.02%
State Bank of India market cap: ₹8.83 trillion as on 28 Oct 2026
Consideration: cash

The investment in numbers

Item	Detail
Target entity	State Bank of India
Value of shares acquired on 28 Oct 2026	₹172 crore
Cumulative holding after the acquisition	0.02%
Consideration	Cash
Investment structure	Multiple tranches over a period of time
Target market cap	₹8.83 trillion as on 28 Oct 2026
Target turnover, FY2025-26	₹7,09,617 crore
Target asset base	Over ₹61 trillion

Shares bought in tranches, paid in cash

On 28 Oct 2026 the company acquired State Bank of India shares worth ₹172 crore, and the investment has been made in multiple tranches over a period of time. The consideration is cash. The acquisition is made in the ordinary course of function of the company.

State Bank of India's scale

State Bank of India is a public sector bank headquartered in Mumbai, incorporated in India on 1 Jul 1955. Its turnover was ₹7,09,617 crore in FY2025-26, against ₹6,63,343 crore in FY2024-25 and ₹5,94,575 crore in FY2023-24.

Its network is 23,321 branches, 63,580 ATMs/ADWMs and 82,900 BC outlets, and it serves over 50 crore customers, according to the disclosure.

What the investment means for ICICI Lombard General Insurance Company's shareholders

The company's cumulative holding in State Bank of India is now 0.02%, after purchases worth ₹172 crore on 28 Oct 2026 made in multiple tranches. The filing does not say how many shares were bought, the total invested so far, when the tranches will be complete, or what effect the investment has on the company's results.

Reference: Original filing (PDF)

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