ICICI Lombard General Insurance Company Limited issues non-convertible Debentures

ICICI Lombard General Insurance Company Limited has issued non-convertible Debentures which are listed on National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE)​  

Mumbai: ICICI Lombard General Insurance Company Limited (“ICICI Lombard” or the “Company”), is among India’s leading general insurance companies. The Company is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited (“Fairfax”). The Company has issued non-convertible Debentures which are listed on National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE).

The Board of Directors of the Company at its meeting held today, has taken note of the proposed sale of approx.12.18% shareholding in the Company by Fairfax to Red Bloom Investment Ltd (9.00%), a company wholly owned by private equity funds managed by Warburg Pincus LLC, Tamarind Capital Pte. Ltd (1.59%), a company wholly owned by the Clermont Group and IIFL ‎Special Opportunities Fund (1.59%), Fund managed by IIFL Asset Management Limited, at a company valuation of ` 203.00 billion. The transaction is subject to governmental and regulatory approvals.Upon completion of the transaction, the share ownership in the Company of ICICI Bank Limited and Fairfax will be approximately 63.31% and 22.13%, respectively.

ICICI Securities Limited acted as an advisor in the placement of shares with. Red Bloom Investment Ltd, a company wholly owned by private equity funds managed by Warburg Pincus LLC.