ICICI Lombard shares gain 3% on reports of likely stake sale by Warburg Pincus
Warburg Pincus via Red Bloom Investment holds 5.86 percent stake in ICICI Lombard
May 29, 2019 / 11:26 AM IST
ICICI Lombard General Insurance Company shares gained 2.77 percent intraday on May 29 after a media report indicated that global private equity player Warburg Pincus is exploring a stake sale in the company.
Overall, the insurance sector has been one of biggest gainers in the last one year with ICICI Lombard gaining 58 percent. It was quoting at Rs 1,165.70, up Rs 3.05, or 0.26 percent on the BSE, at 1108 hours IST.
Sources told CNBC-TV18 that institutional investors showed interest in buying Warburg's stake in the general insurance company and PE firm may offload about half of their total holding in the company.
ICICI Lombard did not respond to CNBC-TV18’s query while Warburg Pincus told CNBC-TV18 that it has no comment on the news.
Warburg Pincus via Red Bloom Investment holds 5.86 percent stake in ICICI Lombard.