Comments
FAL Corporations, which is a subsidiary of Prem Watsa’s Fairfax Financial Holdings, has sold nearly half its stake in private sector insurer ICICI Lombard General Insurance.
According to data with BSE, FAL sold 2.26 crore shares at a price of ₹1,129.68 apiece on Thursday through a block deal.
As of June 30, FAL held 9.9 per cent stake or 4.49 crore shares in the general insurer. The shares were purchased by a number of mutual funds and insurers.
ICICI Lombard’s scrip closed at a gain of 0.86 per cent at ₹1,203.75 apiece on the BSE on Friday.
The company was set up as a joint venture between ICICI Bank and Fairfax Financial Holdings in 2001.
But ahead of the initial public offering of ICICI Lombard, ICICI Bank had, in 2017, terminated its general insurance joint venture deal with Fairfax Financial Holdings.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.