 "Fairfax Financial, Prem Watsa")
Prem Watsa’s Fairfax on Thursday sold 4.91 per cent stake in ICICI Lombard General Insurance Company, exiting the firm it co-founded with ICICI Bank in 2001.
FAL Corporation, a subsidiary of Canada-based Fairfax, sold 22 million shares at Rs 1,178 apiece via block deals, the data provided by stock exchanges showed. The company has mopped up Rs 2,627 crore through the stake sale. The stake was bought by a clutch of buyers whose names couldn’t be ascertained.
This comes after the insurance regulator relaxed the five-year lock-in rule for Fairfax’s stake in ICICI Lombard, which was scheduled to end in March 2021.
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