ICICI Bank, Fairfax to shed stake in ICICI Lombard via IPO

ICICI Bank holds 63.31% stake while Fairfax India Holdings Corporation holds 22.13% approximately

ICICI Bank and Fairfax Financial Holdings will sell a part of their stakes in ICICI Lombard General Insurance Company in the latter’s initial public offering (IPO) of equity, to monetise their investment.

ICICI Lombard is a joint venture (JV) between the bank and the Canada-based financial holdings company, founded and led by Prem Watsa, a magnate of Indian origin.

The company will sell shares through the IPO, the size of which and other details are to be announced later.

Capital market sources say the insurer has begun preliminary discussion with investment bankers and plans to hit the market in the