Jump to content

ICICI Bank, Fairfax to pare stakes in Indian insurer ICICI Lombard IPO - Reuters


dr.malone
 Share

Recommended Posts

June 5 (Reuters) - India's ICICI Bank Ltd and Canada's Fairfax Financial Holdings Ltd will pare their stakes in joint venture insurer ICICI Lombard General Insurance Co Ltd's planned initial public offering (IPO) of shares, the insurer said on Monday.

 

While the size and other details of the IPO will be decided at a future date, ICICI Lombard said the two shareholders in the company had informed it of their intention to sell part of their holdings by way of an offer for sale.

 

ICICI Bank owns 63.3 percent of ICICI Lombard, the largest private sector non-life insurer in India.

 

Fairfax, led by Canadian billionaire Prem Watsa, will own 22.1 percent of the insurer after its planned sale of a 12.2 percent stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors is completed.

 

Fairfax's stake sales valued ICICI Lombard at 203 billion rupees ($3.15 billion).

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...