ICICI Holdings to raise $500-million stake sale
29 May 2007
Mumbai: ICICI Bank''s subsidiary ICICI Holdings, which owns its insurance and asset management businesses, is selling 5 per cent stake to private equity investors and foreign reinsurers for $500 million.
The private equity investors likely to buy the stakes are General Atlantic, Government of Singapore Investment Corporation Private and Temasek.
Sources
indicated that all investors would be allotted equal stakes
in ICICI Holdings.
The company has sought regulatory clearance and appointed JP Morgan as the financial advisor for selling the stake.
The two Singapore-based private equity players, GIC and Temasek, have stakes in ICICI Bank.
ICICI Bank is looking at valuing ICICI Holdings at $10 billion sources said.