The Hindu Business Line : ICICI to sell 5.9% in new arm for Rs 2,650 cr

Mumbai June 12 ICICI Bank will issue a 5.9 per cent stake in its proposed subsidiary (the holding company for its non-banking businesses) for Rs 2,650 crore to private investors.

This would value the subsidiary at Rs 44,600 crore on a post-issue basis, said the bank in a letter to the National Stock Exchange.

ICICI Bank said that discussions had been initiated with potential investors and definitive offers have been received for the subscription to equity shares of the proposed subsidiary. The bank did not elaborate on the identity of its potential investors.

The letter also says that the Registrar of Companies, Vadodara, has approved the name `ICICI Financial Services' for the proposed subsidiary (its earlier proposed name was ICICI Holdings).

The bank plans to transfer to the new entity its investments in ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Prudential ICICI Asset Management Company and Prudential ICICI Trust Ltd.

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ICICI to sell 5.9% in new arm for Rs 2,650 cr