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Private sector lender ICICI Bank’s Board of Directors on Monday approved sale of 6 per cent shareholding in its life insurance subsidiary ICICI Prudential Life Insurance Company for Rs 1,950 crore.
“The proposed transaction values the company at Rs 32,500 crore, reflecting the substantial value created by the business since its inception,” ICICI Bank said in a statement.
Upon completion of the transaction, ICICI Bank will hold approximately 68 per cent share of the Company. Prudential, ICICI Bank’s joint venture partner, will maintain its current share of approximately 26 per cent.
“The Board of Directors of ICICI Bank has at its meeting today approved, subject to government and regulatory approval, the sale of 6 per cent out of ICICI Bank’s shareholding in ICICI Prudential Life Insurance Company, comprising the sale of 4 per cent to Premji Invest & its affiliates and 2 per cent to Compassvale Investments Pvt Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek,” the statement added.
The Board also decided to appoint Vishakha Mulye as Executive Director on the Board of Directors of ICICI Bank, subject to necessary approvals.
At present, Mulye is the Managing Director & CEO of ICICI Venture Funds Management Company (ICICI Venture).
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