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Our Bureau

Mumbai , Dec. 1

BLOCK deals worth Rs 700 crore were witnessed in the ICICI Bank stock on Monday. This is perhaps the largest transaction to take place in one scrip on a single day.

Brokers said four block deals were struck on the BSE in the first few minutes of the opening of the market. The first was for 15 lakh shares, the second for 1.99 crore shares, the third for 40 lakh shares and the last for 9.98 lakh shares.

A total of around 2.63 crore shares of ICICI Bank were traded in this transaction accounting for 4.28 per cent of the banks' equity.

The deal which was reportedly done by ICICI Securities; Lombard of Canada is believed to be the seller and Government of Singapore the buyer.

Stockbrokers said the transactions were done between two FIIs. There were also rumours that Bajaj Auto sold its three per cent stake in the Bank. However, a Bajaj Auto official said: "We have not sold shares of ICICI Bank." There are only a few investors who have more than two crore shares in ICICI Bank (around 3 per cent of the equity). Among them are FIIs, Government of Singapore (5.57 per cent) and Orcasia Ltd (7.54 per cent). Life Insurance Corporation of India has a 7.82 per cent stake in the bank.

The biggest single-day deal that the market can remember is again in shares of ICICI Bank, for 10.14 crore shares in September 2002, valued at around Rs 1,300 crore. This was when one of the trusts of ICICI Bank sold the shares to several FIIs.

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