ICICI Bank has received an approval for sale of 6% out of its shareholding in ICICI Prudential Life Insurance Company, for Rs 1,950 crore, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek.
The proposed transaction values the company at Rs 32,500 crore, reflecting the substantial value created by the business since its inception. The board of directors at their meeting held on November 16, 2015 has approved for the same.
Upon completion of the transaction, ICICI Bank will hold approximately 68% share of ICICI Prudential Life Insurance Company. Prudential Plc, ICICI Bank’s joint venture partner, will maintain its current share of approximately 26%.
