Fairfax Financial to sell 12.2 percent of ICICI Lombard | Reuters
MUMBAI 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 statement. 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.
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