Fairfax Financial Holdings, founded by Canadian billionaire Prem Watsa, is looking to sell more stake in ICICI Lombard General Insurance Company. The second stake sale, which is expected to take place in the fourth quarter of 2017-18, could happen through an offer for sale when ICICI Lombard goes for its initial public offering (IPO), say investment banking sources.
Last Saturday, Fairfax sold 12.18 per cent in ICICI Lombard to private equity firms Warburg Pincus (nine per cent), Clermont Group (1.59 per cent) and IIFL Special Opportunities Fund (1.59 per cent). After the sale, the share ownership in ICICI Lombard of ICICI Bank and Fairfax will be approximately 63 per cent and 22 per cent, respectively.
