ICICI Bank to sell part of its stake in ICICI Lombard through IPO
DSIJ Intelligence / 06 Jun 2017
India’s largest private lender, ICICI Bank announced that its board has decided to approve the sale of a fraction of its stake in ICICI Lombard General Insurance through an initial public offering (IPO).
India’s largest private lender, ICICI Bank announced that its board has decided to approve the sale of a fraction of its stake in ICICI Lombard General Insurance through an initial public offering (IPO).
The bank informed about its plan to sell a part of its stakes in ICICI Lombard through the IPO in a recent stock exchange filing, however, the other details about the IPO size and the details of the offer is yet to be determined.
The largest private sector non-life insurer of India, ICICI Lombard is a joint venture of ICICI Bank and Fairfax Financial Holdings. Fairfax, owned by a Canadian billionaire Prem Watsa, will also be selling 12.2 per cent of its stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors.
Post the completion of the deal, ICICI Bank will be left with about 63.3 per cent shares in ICICI Lombard, whereas Fairfax's shares in the company will come down to nearly 22.1 per cent.
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