The Singapore authorities has reportedly acquired a 1.5% stake or 1,64,30,820 fairness shares in India’s ICICI Prudential Life Insurance coverage Firm for $111.5m.
The shares had been bought by Singapore’s sovereign wealth fund GIC Pte from ICICI Bank, reported Insurance coverage Enterprise Asia.
In 2015, Singapore state funding agency Temasek bought a two per cent stake in ICICI Prudential.
ICICI Bank now holds 51.40% of the ICICI Prudential Life Insurance coverage, which is a three way partnership between the bank and the British insurer Prudential.
The bank, in response to the experiences, in a stock exchange submitting mentioned that that the transaction strengthened its stability sheet.
It additionally bought round 4% of shares in ICICI Lombard Common Insurance coverage, its basic insurance coverage arm, by block offers for about RS22.5bn.
Earlier this month, ICICI Bank introduced the plans to get rid of as much as two per cent stake within the life insurance coverage unit. The sale was anticipated to assist ICICI Bank to lift round $174m based mostly on ICICI Prudential Life shares price of $6.06 as on 13 June 2018.
Based on knowledge on the BSE, ICICI Bank owns a 54.88% stake within the JV whereas Prudential holds 25.83% shareholding as on 31 March 2018.
The remaining fairness within the firm is owned by public and institutional buyers.