ICICI Bank’s board of directors approved sale of 6 % shareholding in its subsidiary ICICI Prudential Life Insurance
Company to Premji Invest & its affiliates and Compassvale
Investments Pvt Ltd, an wholly-owned subsidiary of the Singapore-based
investment company Temasek, for ₹1,950 crore.
“The
proposed transaction values the company at ₹32,500 crore, reflecting the
substantial value created by the business since its inception,” ICICI
Bank said in a statement. Upon completion of the transaction, ICICI Bank
will hold around 68 % share of the company. Prudential, ICICI
Bank’s joint venture partner, will maintain its current share of
approximately 26 %
On October 30, the bank’s
board had approved sale of 9 % stake in ICICI Lombard General
Insurance to joint venture partner Fairfax Financial Holdings for ₹1,550
crore. This transaction valued the general insurer at ₹17,225 crore.
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