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ICICI Bank has said that it is going to sell a part of its stake in joint-venture firm ICICI Lombard General Insurance Company Ltd through an Initial Public Offer.
ICICI Bank has said in a regulatory filing that “The board of directors of the bank 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.”
It said that the selling of stake is subject to requisite approvals and market conditions.
It added that “The size and other details of the offer would be determined in due course.”
