ICICI Bank has received an approval for sale of a part of its shareholding in ICICI Lombard General Insurance Company in an Initial Public Offering (IPO) by the company, subject to requisite approvals and market conditions. The board of directors at its meeting held on June 05, 2017 has approved for the same. The size and other details of the offer would be determined in due course.
Recently, Canada-based Fairfax, has offloaded part stake of 12.18 per cent in ICICI Lombard to a numbers of investors, including Warburg Pincus, for Rs 2,473 crore.
ICICI Bank is India’s largest private sector bank by consolidated assets. For the quarter ended March 31, 2017, ICICI Bank's standalone net profit jumped to Rs 2,024.64 crore from Rs 701.89 crore in the year-ago period.