ICICI Bank on Friday announced that its subsidiary, ICICI Lombard General Insurance Company Ltd, has filed papers for initial public offer (IPO).

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The company has filed a draft red herring prospectus with Securities and Exchange Board of India (Sebi) for a public offer of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance Company Limited, representing approximately 19.0% of its equity share capital, for cash through an offer for sale of up to 31,761,478 Equity Shares by ICICI Bank and up to 54,485,709 Equity Shares by FAL Corporation. 

ALSO READ: ICICI Bank's board approves stake sale in ICICI Lombard via IPO

ICICI Bank in a regulatory filing said, "The offer includes a proposed reservation of up to 4,312,359 Equity Shares (5.0% of the offer) for individual and Hindu Undivided Family ('HUF') shareholders of ICICI Bank."

Last month, on June 5, the private bank had approved stake sale plan in ICICI Lombard through IPO. The issue was expected to be between Rs 3,000 and Rs 4,500 crore. 

Private-sector general insurer ICICI Lombard is a joint venture between ICICI Bank and Fairfax Financial Holdings Ltd.

ALSO READ: Fairfax sells 12.18% stake in ICICI Lombard for Rs 2,500 crore

On May 27, 2017, Fairfax sold 12.18% of its stake in ICICI Lombard to a list of private equity firms namely - Warburg Pincus, Clermont Group and IIFL Special Opportunities Fund. 

The stake sale took ICICI Lombard's valuation at Rs 20,300 crore as Fairfax received Rs 2,372.5 crore from the sale. 

This would be the second subsidiary of ICICI Bank to opt for IPO route. 

ALSO READ: ICICI Lombard GIC's premium income rise to Rs 10, 700 crore in FY17

In September, 2016, ICICI Bank's another insurance arm ICICI Prudential Life Insurance got listed on bources. 

On Friday, the shares of ICICI Bank closed at Rs 298 per piece, up 0.08% or Rs 0.25 on BSE.