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ICICI Bank gets stronger after subsidiary files DRHP for IPO

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gained 1.11% to Rs 301.30 at 10:35 on after the said that its subsidiary, Lombard General Company filed draft red herring prospectus with market regulator for public offer.

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P Sensex was up 97.85 points, or 0.31%, to 32,118.60.

On the BSE, 1.85 lakh shares were traded in the counter so far, compared with average daily volume of 14.92 lakh shares in the past one quarter. The stock had hit a high of Rs 301.90 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 299 so far during the day. The stock had hit a 52-week low of Rs 215.41 on 4 August 2016.

The stock has gained 3.98% in four sessions to its ruling price from a close of Rs 289.75 on 11 July 2017.

The stock had underperformed the market over the past one month till 14 July 2017, rising 2.71% compared with 2.78% gains in the Sensex. The scrip, had, however, outperformed the market in past one quarter, gaining 16.3% as against Sensex's 8.69% gains. The scrip had also outperformed the market in past one year, gaining 22.2% as against Sensex's 14.6% rise.

The large-cap private sector has equity capital of Rs 1282.59 crore. Face value per share is Rs 2.

said that its subsidiary company, Lombard General Company has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a public offer of up to 8.62 crore shares of face value of Rs 10 each.

The offer represents approximately 19% of Lombard General Company's equity share capital, for cash through an offer for sale of up to 3.17 crore shares by and up to 5.44 crore shares by FAL Corporation. The offer includes a proposed reservation of up to 43.12 lakh shares or 5% of the offer for individual and Hindu Undivided Family (HUF) shareholders of

The board of directors of the on 5 June 2017 had approved the sale of a part of bank's shareholding in Lombard General Company in an initial public offering, subject to requisite approvals and market conditions.

In pursuance of the proposed initial public offering, the had announced that the joint venture agreement dated 4 October 2000 (as amended/restated from time to time) entered among Fairfax Financial Holdings and was terminated pursuant to a termination agreement executed on 3 July 2017.

The termination agreement has customary provisions for protection of parties in the event of non-completion of the proposed initial public offering on or before a mutually agreed date.

Lombard GIC is one of the leading private sector general companies.

Bank's net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016.

is one of the leading private sector banks in India.

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

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