MF News ICICI Bank to sell stake in life insurance unit to Temasek, Premji

ICICI Bank to sell stake in life insurance unit to Temasek, Premji

Source: Business Today Nov 17, 2015

ICICI Bank, country's biggest private sector lender by assets, said on Monday it agreed to sell a 6 per cent stake in its life insurance joint venture in two separate deals to billionaire Azim Premji and Singapore state investor Temasek.

The stake sales will value ICICI Prudential Life Insurance Co Ltd at Rs 32,500 crore ($4.9 billion), the bank said in a statement. That would mean the deals would be worth a combined Rs 1,950 crore.

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