Temasek, Singapore Investment apply for nearly 40-per cent stake in ICICI Bank

Temasek Holdings, the investment of the Singaporean government under the full ownership of finance ministry and global real investor, Government of Singapore Investment Corp (GIC), have applied to raise their combined stake in ICICI Bank to almost 40 per cent, in the $4.9 billion follow-on public issue of the Indian bank.

Temasek, which owns 7.37 in the bank, is reported to have put in a bid for shares worth about $2 billion (approximately Rs8,150 crore). GIC, owns another 2.24-per cent stake in ICICI Bank.

The two state investors reported to have lobbied the Indian government to lift the investment ceiling of 10-per cent combined stake holding in Indian banks and according to media reports earlier this week, the Reserve Bank of India is expected to treat Temasek and the GIC as separate entities for their investments in Indian banks.

Merrill Lynch and Goldman Sachs are lead managers for the global share offering.