ICICI Bank receives Rs2,650 crore offer for 6 per cent in new subsidiary; plans Rs8,750 crore additional issue

13 June 2007

Mumbai: The country''s largest private sector lender ICICI Bank has received offers worth Rs2,650 crore for a 5.9 per cent stake in its proposed new subsidiary.

ICICI Bank has received definitive offers from various investors for subscription to equity shares in its new insurance and asset management subsidiary, ICICI Financial Services, the bank in a filing with the Bombay Stock Exchange (BSE).

The offer values ICICI Financial Services at Rs44,600 crore on a post-issue basis.

ICICI, however, did not disclose the details of the investors from whom it had received the subscription offers.

The arrangement is subject to regulatory and other approvals, including the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board.

ICICI Bank further said the registrar of companies in Vadodara has approved the name ICICI Financial Services" for the new subsidiary to be set up by the Bank instead of the earlier proposed name of "ICICI Holdings".