FAL Corporation, a wholly-owned subsidiary of Canada-based Fairfax Financial Holdings, has sold shares in ICICI Lombard General Insurance Company worth nearly Rs 2,627 crore. At the end of June, FAL Corporation held around 4.50 crore shares or 9.90 per cent stake. FAL Corporation has offloaded little over 2.23 crore shares in the insurer at a price of Rs 1,177.64 apiece. At that price, the sale is worth around Rs 2,627 crore.
ICICI Lombard General Insurance Company offers its customers a comprehensive and well-diversified range of products, including motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.