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June 5 (Reuters) - India's ICICI Bank Ltd said on Monday its board had approved the sale of a part of its stake in ICICI Lombard General Insurance Co Ltd in an initial public offering.
The bank said in a stock exchange filing that the IPO size and other details of the offer would be determined in due course.
ICICI Lombard, the largest private sector non-life insurer in the country, is a joint venture of ICICI Bank and Fairfax Financial Holdings.
Fairfax, led by Canadian billionaire Prem Watsa, is selling 12.2 percent stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors.
After the deals are closed, ICICI Bank will own about 63.3 percent of ICICI Lombard, while Fairfax's stake will come down to about 22.1 percent.
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 Sherry Jacob-Phillips