Private general insurer ICICI Lombard General Insurance has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public offer. The offer includes upto 86.24 million equity shares of face value of Rs 10 each.
ICICI Prudential Life Insurance is the only listed insurance company in India, which is also a subsidiary of ICICI Bank.
The offer represents approximately 19 percent of the company's equity share capital, for cash through an offer for sale of up to 31.76 million equity shares by ICICI Bank and up to 54.48 million equity shares by FAL Corporation (wholly owned subsidiary of Fairfax), according to a notification on the stock exchanges. The insurer is a joint venture between ICICI Bank and Fairfax Financial Holdings.
