ICICI Bank approves part stake sale in ICICI Lombard via IPO

ICICI Bank has said that its board has approved stake sale of a part of its holding in ICICI Lombard General Insurance through an initial public offering (IPO).

 

ICICI Lombard General Insurance company is among India’s leading general insurance companies and is a joint venture between ICICI Bank and Fairfax Financial Holdings.

“The board of directors of the bank approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company in a initial public offering by the company, subject to requisite approvals and market conditions. The size and the other details of the offer would be determined in due course,” ICICI Bank said.

The board of directors of ICICI Lombard General Insurance Company, at its meeting held on May 27, 2017, had approved the sale of approximately 12.18% shareholding in the company by Fairfax to Red Bloom Investment (9%), a company wholly owned by private equity funds managed by Warburg Pincus, Tamarind Capital (1.59%), a company wholly owned by the Clermont Group and IIFL Special Opportunities Fund (1.59%), fund managed by IIFL Asset Management at a valuation of Rs 20,300 crore.