GIC, Temasek stopped from upping stake in ICICI Bank
29 Aug 2006
That's what news agency, Crisil Market Wire says. The report quotes ministry officials as saying that Temasek and GIC are related entities, and so cannot hold more than 10 per cent in ICICI Bank.
The Reserve Bank of India and Temasek officials could not be reached for comment. ICICI Bank sources say that the bank does not plan to sell stake to any party. Temasek holds 7.3 per cent in ICICI Bank, and GIC holds 2.3 per cent.