(Adds Fairfax to also sell shares in IPO)
June 5 (Reuters) - India's ICICI Bank Ltd and Canada's Fairfax Financial Holdings Ltd will pare their stakes in joint venture insurer ICICI Lombard General Insurance Co Ltd's planned initial public offering (IPO) of shares, the insurer said on Monday.
While the size and other details of the IPO will be decided at a future date, ICICI Lombard said the two shareholders in the company had informed it of their intention to sell part of their holdings by way of an offer for sale.
ICICI Bank owns 63.3 percent of ICICI Lombard, the largest private sector non-life insurer in India.
Fairfax, led by Canadian billionaire Prem Watsa, will own 22.1 percent of the insurer after its planned sale of a 12.2 percent stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors is completed. Fairfax's stake sales valued ICICI Lombard at 203 billion rupees ($3.15 billion).
($1 = 64.3550 Indian rupees)
(Reporting by Krishna V Kurup in Bengaluru; Editing by Devidutta Tripathy and Mark Potter)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities,securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.