Moneycontrol
Sep 15, 2017 09:11 AM IST | Source: Moneycontrol.com

ICICI Lombard raises Rs 1,624.77 cr through 64 anchor investors ahead of IPO

The issue will open on Friday, September 15 and close on September 19 with a price band of Rs 651-661 per share

ICICI Lombard raises Rs 1,624.77 crore by allotting 2.45 crore shares to 64 anchor investors at the upper band of Rs 661 apiece.

Anchor investors include Nomura, Amansa, Franklin Templeton, DSP Blackrock, Abu Dhabi Investment Authority, Birla Sun Life, FIL Mauritius, Kuwait Investment, Russell Investment, Arch ReInsurance, Goldman Sachs, Wasatch Emerging Fund, MSD India, BNP Paribas, Aurigin, CitiGroup, SocGen, Reliance Nippon, Invesco MF, HDFC Std Life Insurance, ABN Amro, UniSuper, RochDale, DHFL Pramerica, EastSpring Investment, Canara Rebeco, Kotak Mahindra, Axis, IIFL, Sundaram, Motilal Oswal, Greater India, Edelweiss, Samsung India Securities, Pioneer Investment, HSBC and Master Trust Bank of Japan.

The issue will open on Friday, September 15 and close on September 19 with a price band of Rs 651-661 per share.

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

The company's initial public offer (IPO) involves dilution of up to 86,247,187 equity shares by promoters — ICICI Bank and Fairfax. The initial share-sale offer would close on September 19.

The insurer is looking to raise about Rs 5,700 crore at the higher end of the price band which is fixed between Rs 651-661 per share.

Post-issue, the shareholding of Fairfax would come down to 9.91 per cent from 21.9 per cent now, while the same for ICICI Bank would be reduced to 55.95 from 62.95 percent. For ICICI Bank group, this is the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO.
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