Fairfax Financial to sell 12.2 pct of Indian insurer ICICI Lombard: Reuters

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 (US$3.15 billion), Reuters reported. 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. 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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