ICICI Lombard fixes IPO price band at Rs 651-661 per share

MUMBAI: ICICI Lombard General Insurance has fixed the price band of its initial public offering at Rs 651 to Rs 661 per share, said parent firm ICICI Bank in a notice to exchanges on Thursday.

The IPO will open on September 15 and close on September 19.

The Company is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. ICICI Bank has 63.31 % stake and Fairfax will be approximately 22.13%.

The IPO involves dilution of up to 8.62 crore equity shares of face value of Rs 10 each of ICICI Lombard General Insurance. The offer includes reservation of up to 4,312,359 share for ICICI Bank shareholders.