Temasek, Singapore Investment apply for nearly 40-per cent stake in ICICI Bank
21 Jun 2007
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.