ICICI Lombard General Insurance Company has filed draft prospectus with Sebi to dilute around 19 per cent stake through an initial public offering, promoter ICICI Bank said today. ICICI Lombard, a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd, will be the first private general insurer to go public with an IPO. ICICI Lombard today filed a draft red herring prospectus (DRHP) with capital market regulator Sebi, ICICI Bank said in a filing to the BSE. The IPO involves dilution of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance, representing around 19 per cent of its equity share capital, the filing said. ICICI Bank will sell up to 31,761,478 equity shares and Fairfax Holdings up to 54,485,709 equity shares. "The offer includes a proposed reservation of up to 4,312,359 shares or 5 per cent of the offer, for individual and Hindu Undivided Family (HUF) shareholders of the bank," ICICI Bank said. The entire proceeds from the offer for sale will be paid to the selling shareholders (which includes our promoter, ICICI Bank) and we will not receive any such proceeds," says the DRHP document filed by ICICI Lombard. ICICI Lombard said the company is the largest private sector non-life insurer in India on gross direct premium income basis in fiscal ended March 2017, which it has been maintaining since fiscal 2004. The company's net worth was Rs 3,725 crore as on March 31, 2017. In fiscal 2016-17, the company issued 17.7 million policies and the gross direct premium income was Rs 107.25 billion.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)