ICICI Bank to sell part of its stake in ICICI Lombard via IPO

Country's largest private lender ICICI Bank said on Monday its board had approved the sale of a part of its stake in ICICI Lombard General Insurance Co in an initial public offering (IPO). The bank said in a stock exchange filing that the IPO size and other details of the offer would be determined in due course.

ICICI Lombard, the largest private sector non-life insurer in the country, is a joint venture of ICICI Bank and Fairfax Financial Holdings. Fairfax, led by Canadian billionaire Prem Watsa, is selling 12.2 per cent.....

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