ICICI Bank Ends JV Agreement With Fairfax Financial Holdings

ICICI Bank announced the termination of the joint venture agreement with Fairfax Financial Holdings on Monday, the company said in its BSE filing.

This termination agreement relates to the approval of the sale of a part of ICICI Bank shareholding in ICICI Lombard General Insurance Company in an initial public offering proposed to be undertaken by the Company.

It also said that the agreement has customary provisions for the protection of parties in the event of non-completion of the proposed initial public offering on or before a mutually agreed date.

ICICI Bank was trading at Rs 291.35, up by Rs 1.40 or 0.48% as at 1012 hours on Tuesday, on the BSE. The stock had hit an intraday high of Rs 294 during Tuesday's trade.

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