ICICI Lombard sets IPO price band, looks to raise Rs 5,700 crore

ICICI Bank, the majority shareholder of ICICI Lombard, will dilute 31,761, 478 of its equity shares

ICICI Lombard, a joint venture between ICICI Bank and Fairfax Financial Holdings, has set a price band of Rs 551-661 a share for its initial public offering. ICICI Bank, the holding company of ICICI Lombard General Insurance, has announced its general insurance arm will be open for subscription to the public via an initial public offering (IPO) on September 15. The IPO shall close on September 19.

At the upper end of the price band, the share sale will fetch Rs 5,700 crore, according to merchant banking sources.

Earlier this week, ICICI Lombard got Sebi's go ahead for the IPO, which would