ICICI gets Rs2,650 cr offers for 6% stake in arm

ICICI gets Rs2,650 cr offers for 6% stake in arm
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First Published: Wed, Jun 13 2007. 11 47 AM IST
Updated: Wed, Jun 13 2007. 11 47 AM IST
PTI
Mumbai: The country’s largest private sector lender ICICI Bank said on 13 June it has received offers from various investors for 5.9% stake in its proposed new subsidiary worth Rs2,650 crore ($654 million).
The bank has received definitive offers from investors for subscription to equity shares its new subsidiary for insurance and asset management business, ICICI Financial Services, ICICI Bank said in a communique to Bombay Stock Exchange.
The investors have agreed for entering into definitive agreements for this purpose. The offer values ICICI Financial Services at Rs44,600 crore ($1.1 billion) 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”.
Shares of ICICI Bank were trading at Rs930, up 1.19% in early morning trade.
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First Published: Wed, Jun 13 2007. 11 47 AM IST
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