ICICI Bank Board of Directors approves sale of 6.0% shareholding in ICICI Prudential Life Insurance Company
Author(s): City Air NewsThe Board of Directors of ICICI Bank Limited (NYSE: IBN) has at its meeting today approved, subject to government and regulatory approval, the sale of 6.0% out of ICICI Bank Limited’s shareholding in ICICI Prudential...
cityairnews
Nov 16, 2015 12:30
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The Board of Directors of ICICI Bank Limited (NYSE: IBN) has at its meeting today approved, subject to government and regulatory approval, the sale of 6.0% out of ICICI Bank Limited’s shareholding in ICICI Prudential Life Insurance Company Limited (“the Company”), comprising the sale of 4.0% to Premji Invest & its affiliates and 2.0% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values the Company at Rs. 32,500 crore, reflecting the substantial value created by the business since its inception.
Upon completion of the transaction, ICICI Bank will hold approximately 68% share of the Company. Prudential Plc, ICICI Bank’s joint venture partner, will maintain its current share of approximately 26%.
Date:
Monday, November 16, 2015
