Shares of ICICI Lombard General Insurance Co. are down ~4% after IRDAI waived off lock-in period for Fairfax on holding the company's shares.
A filing by the company said, "The Authority, after careful consideration has, as a matter of exception taken the view that the conditions of lock-in period imposed vide IRDAI Letter ref 96/FNA/GIL-Tos/01/2015- 16/251 dated 30.CU.2016 on the equity shareholding acquired by Fairfax Financial Holdings Limited in M/s ICICI Lombard General Insurance Company Limited, may not be insisted upon."
The IRDAI vide its letter dated March 30, 2016 had imposed a lock in for a period of five years i.e. till March 29, 2021 on 40,278,460 shares (constituting 9% of then issued and paid-up capital of the Company) held by FAL Corporation, an affiliate of Fairfax Financial Holdings Limited (Fairfax).
Accordingly, BSE Limited and National Stock Exchange of India Limited (NSE ltd.) approved listing of equity shares of the Company on their respective Stock Exchanges with the condition of lock in for the shares held by Fairfax for aforementioned period.
ICICI Lombard General Insurance Company Ltd is currently trading at Rs1,142.10 down by Rs48.85 or 4.1% from its previous closing of Rs1,190.95 on the BSE.
The scrip opened at Rs1,169.95 and has touched a high and low of Rs1,169.95 and Rs1,125.85 respectively. So far 3,10,545 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs54,118.73cr.
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