ICICI Bank to sell stake in general insurance JV

New Delhi: Private player ICICI Bank on Monday said it will sell a part of its stake in joint-venture firm ICICI Lombard General Insurance Company Ltd through an Initial Public Offer.

"The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company Ltd (Company) in an initial public offering (IPO) by the Company," ICICI Bank said in a regulatory filing.

With this, ICICI Lombard is all set to become the first private sector general insurer in the country to go public.

The selling of stake is subject to requisite approvals and market conditions, it said.

"The size and other details of the offer would be determined in due course," ICICI Bank said further.

ICICI Lombard, formed in 2001, is a joint venture between country's largest private sector ICICI Bank and Prem Watsa-run Fairfax Financial Holdings with a valuation of Rs 20,300 crore.

ICICI Bank stock closed 0.50 per cent up at Rs 319.65 on BSE.