ICICI to sell 6% interest life word arm for Rs 1,950 cr

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New Delhi: ICICI Bank now pronounced it proposes to sell 6 percent interest in a life word arm ICICI Prudential Life to dual investors, including Premji Invest, for about Rs 1,950 crore.

The house motionless to sell “4 per cent to Premji Invest a affiliates and 2 per cent to Compassvale Investments Pte Ltd, an indirectly wholly-owned auxiliary of Singapore-based investment association Temasek”, ICICI Bank pronounced in a statement.

Selling interest in ICICI Prudential. ReutersSelling interest in ICICI Prudential. Reuters

Selling interest in ICICI Prudential. Reuters

Premji Invest is a investment arm of Wipro Group authority Azim Premji.

“The due transaction values a association during Rs 32,500 crore, reflecting estimable value combined by a business given inception,” it said.

The preference to sell 6 percent interest was taken during a house assembly of ICICI Bank.

The offer to sell 6 percent is theme to supervision and regulatory approval, it said.

Upon execution of a transaction, ICICI Bank will reason approximately 68 percent share of a company.

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Prudential Plc, a unfamiliar corner try partner will say a stream holding of approximately 26 percent.

Besides, a house also authorized appointment of Vishakha Mulye as a whole time director.

The appointment is theme to before clearway of RBI, other regulatory and shareholder approvals and would be effective on a date of receipt of approval.

She is now a MD and CEO of ICICI Venture Funds Management Company.

Last month, ICICI Bank motionless to sell additional 9 percent interest in a ubiquitous word arm for about Rs 1,550 crore to Prem Watsa run Fairfax Financial Holdings of Canada.

Upon execution of a transaction, ICICI Bank will reason about 64 percent in ICICI Lombard General Insurance Company Ltd, while Fairfax have 35 percent.

PTI

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