ICICI Lombard IPO to open on 15 September
Mumbai: ICICI Lombard General Insurance Co.’s initial public offering (IPO) will be open for subscription from 15 to 19 September, according to a company statement filed with the Bombay Stock Exchange (BSE) on Thursday.
The price band for the offer has not yet been decided, according to the statement.
The company said the offer includes a reservation of up to 4,312,359 shares of ICICI Lombard for ICICI Bank Ltd’s existing shareholders. ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd.
The IPO involves dilution of up to 86,247,187 equity shares of face value of Rs10 each of ICICI Lombard General Insurance.
ICICI Lombard got capital markets regulator Securities and Exchange Board of India’s (Sebi) go-ahead for its estimated Rs6,000 crore IPO, PTI reported earlier this week.
Two state-run general insurers—General Insurance Corp. of India and New India Assurance Co.—as also two life insurance firms (SBI Life and HDFC Standard Life) have lined up IPO plans and are awaiting Sebi’s go ahead for their respective draft papers, the report added.