ICICI Lombard General Insurance today said its foreign partner Canada-based Fairfax has offloaded part stake of 12.18 percent to a clutch of investors, including Warburg Pincus, for Rs 2,473 crore.
The board, at its meeting held today, observed the proposed offer of roughly 12.18 percent shareholding in the protection firm by Fairfax to Red Bloom Investment (9 percent), an organization entirely claimed by private value reserves overseen by Warburg Pincus LLC.
Additionally, others that picked stakes were Tamarind Capital Pte (1.59 percent), an organization entirely claimed by the Clermont Group, and IIFL Special Opportunities Fund (1.59 percent), a reserve overseen by IIFL Asset Management.
The organization, framed in 2001, is a joint wander between ICICI Bank and Prem Watsa-run Fairfax Financial Holdings with a valuation of Rs 20,300 crore.
The stake deal by Fairfax is a piece of its arrangement to offer 25 percent in the general protection firm and begin another protection joint wander.
ICICI Securities gone about as a consultant.
It is to be noticed that last year, Fairfax Financial Holdings made an extra 9 percent stake securing in ICICI Lombard General Insurance Company for an expected Rs 1,550 crore.
Following the transaction, the holding of Fairfax rose to 35 percent in ICICI Lombard while that of ICICI Bank came down to 64 percent.