ICICI Holdings, ICICI Bank’s subsidiary which owns its insurance and asset management businesses, is selling 5 per cent stake to private equity investors and foreign reinsurers for $500 million.
The private equity investors likely to buy the stakes are General Atlantic, Government of Singapore Investment Corporation Private and Temasek.
Sources indicated that all investors would be allotted equal stakes in ICICI Holdings. The company has sought regulatory clearance and appointed JP Morgan as the financial advisor for selling the stake. The two Singapore-based private equity players, GIC and Temasek, have stakes in ICICI Bank.
ICICI Bank when contacted declined to comment. ICICI Bank was looking at valuing ICICI Holdings at $10 billion, the sources said.
ICICI Holdings’ 74 per cent stake in ICICI Prudential Life Insurance Company is valued at $6 billion and in ICICI Lombard General Insurance Company at $3 billion. The bank’s 51 per cent stake in ICICI Prudential Asset Management is valued at $1 billion.
The private placement is just the beginning. ICICI Holdings is planning to list its equity shares at an appropriate time to meet a part of its further capital requirements for ICICI Life and ICICI General.
Read more in The Business Standard article.
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