ICICI Lombard in Focus After IRDAI Waives Lock-In Period
Updated On Jan 27, 2020
The General Insurance Company ICICI Lombard dropped as IRDAI (Insurance Regulatory and Development Authority of India) waived off the conditions of lock-in period on the equity shares held by FAL Corporation, an affiliate of Fairfax Financial Holdings. IRDAI with reference to its letter dated 30th March 2016 had forced a lock-in period of 5 years on 4.02 crore shares held by Fairfax. It implied till 29th March 2021 9% of then issued and paid-up capital of the organisation held by Fairfax can’t be exchanged.
In the recent announcement, IRDAI vide its letter dated 3rd September 2019 communicated to ICICI Lombard General Insurance Company that the conditions of lock-in cannot be insisted upon. The announcement came after market hours in lieu of request received from Fairfax and as a matter of exception.
ICICI Lombard General Insurance is one of the top general insurance companies in the private sector. It deals in general insurance, manages insurance claims, offers investment management services, and reinsurance services.
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