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ICICI Lombard General Insurance Company’s initial public offering will open for subscription on September 15. ICICI Bank in a notification to the stock exchanges, said the IPO will close on September 19.
The bank added that the price band for the IPO offer will be advertised at least five working days prior to the subscription opening date.
ICICI Bank said the offer includes a reservation of up to 43.12 lakh shares of ICICI Lombard for ICICI Bank’s existing shareholders.
The IPO involves dilution of up to 8.62 crore shares of face value of ₹10 each of ICICI Lombard General Insurance. While ICICI Bank (promoter-seller) will sell up to 3.176 crore shares in the IPO, FAL Corporation (investor-selling shareholder) is offering up to 5.44 crore shares.
ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd.
ICICI Prudential Life — a joint venture between ICICI Bank and Prudential Corporation Holdings a part of the UK-based Prudential Group, had launched its ₹6,057-crore IPO in September last year.
Shares of ICICI Bank, which opened positively on Thursday, closed 0.86 per cent lower at ₹292.70 on the BSE.
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