The shares were sold as part of ICICI Lombard's initial public offering, which values ICICI Lombard at about $4.6 billion (Rs 30,000 crore).
"Upon completion of the transaction, Fairfax's share ownership in ICICI Lombard will be approximately 9.9 per cent," Fairfax Financial Holdings Limited (Fairfax)said in a statement.
Shares of ICICI Lombard General Insurance Company recovered from initial losses to end over 3 per cent higher than the issue price of Rs 661 in the debut trade today. "This sale transaction along with the previously announced sale of 12.2 per cent of the shares of ICICI Lombard that closed in July 2017 and the remaining 9.9 per cent of the shares of ICICI Lombard that Fairfax continues to hold results in total proceeds of $1.4 billion and a net gain of approximately $950 million after tax...," the release said.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
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