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.
Premji Invest and its affiliates will buy 4 per cent of the company, India's biggest private sector life insurer, while a unit of Temasek will pick up a 2 per cent stake, ICICI Bank said.
After the deals, ICICI Bank will own about 68 per cent in the life insurance business and its joint venture partner Prudential Plc will hold 26 per cent, the bank said.
($1 = Rs 65.9975 )
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