Companies

Fairfax Financial Holdings sells nearly 5% stake in ICICI Lombard

Our Bureau Mumbai | Updated on September 27, 2019 Published on September 27, 2019

FAL Corporations, which is a subsidiary of Prem Watsa’s Fairfax Financial Holdings, has sold nearly half its stake in private sector insurer ICICI Lombard General Insurance.

According to data with BSE, FAL sold 2.26 crore shares at a price of ₹1,129.68 apiece on Thursday through a block deal.

As of June 30, FAL held 9.9 per cent stake or 4.49 crore shares in the general insurer. The shares were purchased by a number of mutual funds and insurers.

ICICI Lombard’s scrip closed at a gain of 0.86 per cent at ₹1,203.75 apiece on the BSE on Friday.

The company was set up as a joint venture between ICICI Bank and Fairfax Financial Holdings in 2001.

But ahead of the initial public offering of ICICI Lombard, ICICI Bank had, in 2017, terminated its general insurance joint venture deal with Fairfax Financial Holdings.

 

 

Published on September 27, 2019
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