GIC, Temasek stopped from upping stake in ICICI Bank
29 August 2006Singapore government's investment arm, Government Investment Corporation and Temasek may not be able to boost their 9.33-per cent stake in ICICI Bank, reports CNBC-TV18.
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.