NDTV Profit

Fairfax Sells 12% Shares Of ICICI Lombard for $548 Million

The shares were sold as part of ICICI Lombard's initial public offering, which values ICICI Lombard at about $4.6 billion
EMAIL
COMMENTS
The sale was part of the ICICI Lombard's IPO for about $548 million
The sale was part of the ICICI Lombard's IPO for about $548 million
New Delhi: Canada-based Fairfax today said its wholly owned subsidiary, FAL Corporation, has sold 12 per cent shares of ICICI Lombard as part of the insurer's IPO for about $548 million.

The shares were sold as part of ICICI Lombard's initial public offering, which values ICICI Lombard at about $4.6 billion (Rs 30,000 crore).

"Upon completion of the transaction, Fairfax's share ownership in ICICI Lombard will be approximately 9.9 per cent," Fairfax Financial Holdings Limited (Fairfax)said in a statement.

Shares of ICICI Lombard General Insurance Company recovered from initial losses to end over 3 per cent higher than the issue price of Rs 661 in the debut trade today. "This sale transaction along with the previously announced sale of 12.2 per cent of the shares of ICICI Lombard that closed in July 2017 and the remaining 9.9 per cent of the shares of ICICI Lombard that Fairfax continues to hold results in total proceeds of $1.4 billion and a net gain of approximately $950 million after tax...," the release said.

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

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

For latest news on Business, like us on Facebook and follow us on Twitter.
ALSO READ For First Time, Mukesh Ambani Discloses Earnings For Jio

Advertisement

Advertisement

GAINERS / LOSERS