FAL corp sells 5 pc stake in ICICI Lombard for Rs 2,500 cr

FAL Corporation, a wholly-owned subsidiary of Canada-based Fairfax Financial Holdings, on Thursday offloaded 5 per cent stake in ICICI Lombard General Insurance Co Ltd for over Rs 2,500 crore through open market transactions.

The shares were picked up by a host of mutual fund houses, insurance companies and foreign investors.

The buyers included L&T Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sunlife Mutual Fund, Reliance Mutual Fund, TATA AIG Life Insurance Co Ltd, Reliance Nippon Life Insurance Company Ltd and Goldman Sachs Investments (Mauritus) Ltd.

According to bulk deal data available with the BSE, FAL Corporation sold a total of 2,26,75,380 shares, amounting to 5 per cent stake, of ICICI Lombard.

The shares were sold on an average price of Rs 1,129.68, valuing the transaction at Rs 2,561.6 crore, the data noted.

FAL had sold 12 per cent stake in ICICI Lombard as part of the insurer's initial public offering, which came in 2017.

As of June quarter, FAL held 9.9 per cent stake in the insurance company.

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

Shares of ICICI Lombard on Thursday closed 1.77 per cent higher at Rs 1,193.45 on the BSE.