ICICI Holdings to raise $500-million stake sale

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.