ICICI Bank has sold 9% shareholding in ICICI Lombard General Insurance Company to its joint venture partner Fairfax Financial Holdings for an estimated Rs 1550 crore. The transaction values the company at Rs 17,225 crore. Following the transaction, Fairfax holding has gone up to 35% in ICICI Lombard. ICICI Bank has also sold another 2% shares in ICICI Prudential Life Insurance Company to Compassvale Investments, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek for about Rs 650 crore. The transaction values the company at Rs 32,500 crore.
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