Fairfax Financial Holdings sells 5% in ICICI Lombard for Rs 2,562 crore

FAL Corporation, a wholly-owned subsidiary of Canadian investor Prem Watsa’s Fairfax Financial Holdings, has sold 4.99 per cent equity stake in ICICI Lombard general insurance for Rs 2,562 crore in a block deal.

This comes after the insurance regulator, earlier this month, relaxed the five-year lock-in rule for Fairfax's stake in ICICI Lombard, which was scheduled to end in March 2021.  

Fairfax now owns 4.91 per cent of the general insurer. Watsa has also invested in digital general insurance player Digit General Insurance. In Thursday’s share sale, the buyers included a host of mutual fund (MF) houses, insurance companies, and foreign investors.

These