ICICI Bank to sell stake in ICICI Lombard to Fairfax

Highlights

ICICI Bank plans to sell additional 9 per cent stake in its general insurance arm for about Rs 1,550 crore to Prem Watsa run Fairfax Financial Holdings of Canada.

Mumbai : ICICI Bank plans to sell additional 9 per cent stake in its general insurance arm for about Rs 1,550 crore to Prem Watsa run Fairfax Financial Holdings of Canada.

Upon completion of the transaction, ICICI Bank will hold about 64 per cent in ICICI Lombard General Insurance Company Ltd, while Fairfax has 35 per cent. The bank said its board has approved the sale.

Earlier, foreign partners were only allowed to hold 26 per cent stake in an insurance venture which has now been increased to 49 per cent after the passage of the Insurance Laws (Amendment) Act. The proposed transaction values at Rs 17,225 crore, release said.

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