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ICICI Venture to invest in insurance firm: sources

ICICI Venture to invest in insurance firm: sources
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First Published: Wed, Mar 31 2010. 04 09 PM IST
Updated: Wed, Mar 31 2010. 04 09 PM IST
Mumbai: ICICI Venture, the private equity arm of No. 2 Indian lender ICICI Bank, has agreed to invest Rs120 crore ($26.7 million) in Star Health and Allied Insurance, two sources with direct knowledge of the deal said on Wednesday.
The fund will pick up a 15-20% stake in Star Health, said the sources, who did not wish to be named as they were not authorised to speak to the media.
“We have agreed in principle. We are awaiting regulatory approval to announce the deal,” said one source.
Domestic investment banking firm, Mape Advisory Group, was the arranger of the transaction, the sources said.
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First Published: Wed, Mar 31 2010. 04 09 PM IST