Dubai International Capital (DIC), the investment arm of Dubai Holding, has bought 2.87% stake in ICICI Bank, the country's second largest bank.The Dubai firm may have paid $717 million for the stake acquired via an American depository receipts (ADR) issue open to foreign investors.
Dubai International Capital's investment in the Indian bank follows its recent purchase of 3.12% stake in European Aeronautic Defence and Space Company EADS, the parent company of aircraft manufacturer Airbus.
Singapore government investors held about 9.7% stake in ICICI before the latest share offering and had the approval to raise their stakes substantially.DIC aims to have assets worth $25 billion in the next two years.
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