FAL Corporation, part of Canada-based Fairfax Financial Holdings, on Wednesday exited ICICI Lombard General Insurance Company by selling shares worth nearly Rs 2,627 crore.
At the end of June, FAL Corp held around 4.50 crore shares or 9.90 per cent stake, according to data available on the stock exchanges.
On Wednesday, FAL Corp offloaded little over 2.23 crore shares in the insurer at a price of Rs 1,177.64 apiece. At that price, the sale is worth around Rs 2,627 crore, as per bulk deal data available on the National Stock Exchange.
In recent months, FAL Corp has been trimming its stake in ICICI Lombard.The company, in September, sold 2.27 crore shares or 5 per cent stake in the insurer for more than Rs 2,500 crore.
FAL had offloaded 12 per cent stake in ICICI Lombard at the time of initial public offer in 2017.Shares of ICICI Lombard declined nearly 5 per cent to close at Rs 1,204.45 on the NSE on Wednesday.