Fag-end buying lifts ICICI Lombard

ICICI Lombard on Wednesday listed at a discount at ₹651 on the NSE to the issue price ₹661. On the BSE, the stock listed at ₹650.

However, ICICI Lombard, a joint venture between ICICI Bank and Fairfax Financial Holdings, ended up at ₹681.55 despite an overall bearish trend.

On the NSE, 3.46 crore shares changed hands and on the BSE, the volume stood at 59.12 lakh shares.

ICICI Bank now holds 55.92% The 8.62-crore share public issue comprised an offer-for-sale of up to 3.176 crore shares by ICICI Bank and up to 5.448 crore shares by FAL Corporation (a nominee of Fairfax), constituting 19 per cent of the post-offer paid-up equity share capital.

Post issue, the holding of ICICI Bank is reduced to 55.92 per cent from 62.92 per cent.

Fairfax’s stake in ICICI Lombard — which had written premiums of more than $1.6 billion for fiscal year 2017 — fell to about 9.9 per cent post issue.

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