New Delhi : Canada-based Fairfax Wednesday 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 Wednesday. Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance businesses.
