"The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company Ltd (Company) in an initial public offering (IPO) by the Company," ICICI Bank said in a regulatory filing.
Shares of ICICI Bank gained 2 percent intraday Thursday after a media report suggested that global private equity firms are looking to acquire Fairfax's shareholding in general insurance company ICICI Lombard.
Fairfax Financial Holdings is in early talks to sell 25 percent of India's largest private general insurer ICICI Lombard in a deal that could fetch up to USD1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said.
According to a media report, the ministry of civil aviation has given a security clearance to Canadian billionaire Prem Watsa's proposed investment of Rs 2,149 crore to buy 33% in Bengaluru airport.
US buyouts firm TPG Capital, Singapore sovereign fund Temasek, Canada‘s CPP Investment Board and Prem Watsa‘s Fairfax Financial Holdings are in lining up to acquire as much as 49 percent in Mumbai International Airport Ltd (MIAL) from the GVK group
BIAL owns and operates the Kempegowda International Airport Bengaluru (KIAB) under a 30-year concession agreement, with a further 30-year extension option from the Centre.
The bank has sold 9 percent shareholding in ICICI Lombard General Insurance Company to its joint venture partner Fairfax Financial Holdings, ICICI Bank said in a statement.
"GVK will divest 33 percent stake in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation and Fairfax Financial Holdings, through their wholly-owned subsidiaries in Mauritius," says the Hyderabad-based company in its filing.
The company intends to offer families, ad-hoc groups of friends and business-cum-leisure travellers access to Airbnb's unique stay options - across apartments, private rooms, castles, boats, manors, tree houses and private islands, Thomas Cook India said in a filing to BSE.
Following the transaction, Fairfax will hold 35 percent in ICICI Lombard, while ICICI Bank will have about 64 percent stake.
The board of directors of the company has appointed "Madhavan Menon as Chairman and re-designated him as Chairman and Managing Director with effect from January 1, 2016," Thomas Cook India said in a filing to the BSE.
Canada-based Fairfax Financial Holdings and Singapore‘s Changi Airports are in preliminary stage of discussions with the company, which is expected to be fianlised before March.
Upon completion of the transaction, ICICI Bank will hold about 64 percent in ICICI Lombard General Insurance Company Ltd, while Fairfax have 35 percent.
Under the deal, announced in July, Fairfax would purchase an additional 26 percent shareholding in IIFL through an open offer. In a tweet today, Competition Commission of India (CCI) said it has approved "acquisition of up to 26 percent of equity shares of IIFL Holdings Ltd by Fairfax".
The company has entered into an agreement with Kuoni group to buy 100 percent stake in Kuoni Travel (India) Pvt Ltd, Thomas Cook India said in a statement.
Staffing firms Ikya Human Capital Solutions and TeamLease Services are looking to raise as much as USD 350 million in two separate listings, sources involved in both transactions told Reuters.
The struggling smartphone maker last month shelved plans to sell itself and instead opted to raise funds via a USD 1 billion notes offering led by Fairfax Financial Holdings , its largest shareholder.
The USD 250 million break fee would come due the day after control changes at Blackberry, according to the filing. If Fairfax and its partners agree to go ahead with the deal even after a change of control, Blackberry would still have to pay the group USD 135 million.
BlackBerry's largest shareholder, Fairfax Financial Holdings Ltd , will take up USD 250 million of the debentures.
Such a deal would be an alternative to the preliminary agreement reached weeks ago with a group, led by BlackBerry's biggest shareholder, Fairfax Financial Holdings , to take the company private for about USD 4.7 billion.
Thomas Cook India today reported a 44.50% rise in its consolidated net profit at Rs 31.01 crore for the quarter ended June 30, 2012, mainly on account of robust performance of its domestic operations.
Thomas Cook India managing director Madhavan Menon told CNBC-TV18 it was too early to comment on whether the company would be delisted.
Canada's Fairfax Financial Holdings Ltd will buy Thomas Cook Group Plc's 77% stake in its India operations for about USD 150 million, as the UK holiday firm continues to pay down its debt.
Research in Motion Ltd may take four to five years to regain its stride after its recent stumbles, but the BlackBerry maker's stock is a good buy at current levels, value investor Prem Watsa said on Thursday.