ICICI Bank Ltd on Friday said its board has approved sale of nine percent stake in ICICI Lombard General Insurance Company Ltd to its joint venture partner Fairfax Financial Holdings Ltd.
In a regulatory filing with BSE, the bank said the proposed transaction values the company at Rs.17,225 crore ($2.6 billion).
"Upon completion of the transaction, the share ownership in the company of ICICI Bank and Fairfax will be approximately 64 percent and 35 percent, respectively," the bank said.