ICICI Bank to seek FIPB approval for investment holding subsidiary
25 Jun 2007
Mumbai: The ICICI Bank has said that it would endeavour to obtain government approval for foreign investments in its investment holding subsidiary. It has, however, cautioned that there is no assurance that it would be successful in getting the required approval.
It points out that the Foreign Investment Promotion Board (FIPB) had earlier rejected its proposal for seeking foreign investment in that company.
The bank said it had received definitive offers from foreign investors for equity participation in the holding company, which would indirectly increase the foreign equity in the insurance venture beyond the prescribed limit of 26 per cent.
The
bank has said that its inability to raise capital in a
subsidiary, in which it has transferred its equity investments
in insurance and asset management businesses, could adversely
impact the growth of the insurance business.
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