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ICICI Bank to sell part of stake in ICICI Lombard

ICICI Bank is selling a part of its shareholding in ICICI Lombard through an IPO. The bank said in a filing to the stock exchanges that its board of directors have approved a plan to sell part of its holding in the general insurance company and that the size and other details of the offer would be determined in due course. Meanwhile, ICICI Lombard General Insurance said that its foreign partner, Canada-based Fairfax, has offloaded part stake of 12.18% to a number of investors, including Warburg Pincus, for Rs 2473 crore. The secondary market value of general insurer is 30% higher than the Warburg Pincus deal which valued the insurer at Rs 20,000 crore. ICICI Lombard will be the first general insurance company in the country to be listed.

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