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ICICI Bank to cut stake in general insurance JV via IPO

India's ICICI Bank Ltd. will sell part of its stake in ICICI Lombard General Insurance Co. Ltd. through an IPO, with size and other details to be disclosed in due course.

The bank's board has approved the stake sale through the offering, subject to requisite approvals and market conditions, according to a Form 6-K filed June 5.

Business Standard had earlier reported that ICICI Lombard has begun preparations for an IPO, with plans to list in the second half of the current fiscal year. If the plan pushes through, the company would be the first private general insurer in India to go public.

ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. In late May, Fairfax Financial agreed to sell a 12.18% stake in the joint venture to three companies.