MUMBAI May 27 Canada's Fairfax Financial
Holdings plans to sell a 12.2 percent stake in its
Indian joint venture insurer ICICI Lombard in a deal that will
value the company at 203 billion rupees ($3.15 billion), the
Indian company said on Saturday.
Red Bloom Investment Ltd, a company wholly owned by private
equity investment funds managed by Warburg Pincus, is
buying a 9 percent stake, while two other investors, Tamarind
Capital Pte Ltd and IIFL Special Opportunities Fund, are buying
1.59 percent each from Fairfax, ICICI Lombard said in a
After the sale India's ICICI Bank Ltd will own
about 63.3 percent of the insurer, while Fairfax's stake will
come down to about 22.1 percent.
In January sources familiar with the matter said Fairfax was
looking to sell a 25 percent stake in ICICI Lombard as it looks
to set up a new general insurance joint venture in India.
($1=64.5050 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Greg Mahlich)