India’s largest private sector lender ICICI Bank has sold a 3.96% stake in ICICI Lombard General Insurance Company Ltd for around Rs 2,250 crore ($295 million), in a bid to fortify its balance sheet.
The bank gave away the shares at an average price of Rs 1,250 each. Shares of ICICI Lombard were trading 0.6% down at Rs 1,268.95 apiece
ICICI Lombard became operational in 2001, as an alliance between ICICI Bank and India-born Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd.
Fairfax first divested its stakes in the insurer in 2017 and fully exited in 2019.