ICICI Bank to sell 6% stake in life insurance unit to Compassvale Investments, Azim Premji

By Saloni Shukla

MUMBAI: ICICI Bank today announced it will sell part stake in its life insurance venture to Premji Invest and a company owned by Temasek Holdings of Singapore valuing the company at Rs. 32,500 crores, nearly Rs. 5,000 crores lower than what it did when it sold stock options to staff last year.

“The Board of ICICI Bank Limited has at its meeting today approved, subject to government and regulatory approval, the sale of 6.0% out of ICICI Bank Limited’s shareholding in ICICI Prudential Life Insurance Company Limited,” ICICI Bank said in a statement.

The bank will sell 4% stake to Premji Invest & its affiliates and 2.0% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek.

Upon completion of the transaction, ICICI Bank will hold approximately 68% stake in the Company, while Prudential Plc, ICICI Bank’s joint venture partner, will maintain its current share of approximately 26%.

ICICI also announced the appointment of Vishakha Mulye as Executive Director on the board of directors of the bank. Vishakha is currently the Managing Director & CEO of ICICI Venture Funds Management Company.