Temasek Holdings and Government of Singapore Investment Corp (GIC), Singapore’s sovereign wealth funds, are planning to sell a part or all of their holding in ICICI Bank, India’s biggest private sector lender by assets. According to brokers, the sale will be through block deals on stock exchanges. JP Morgan has been given the mandate to do the block deals. According to the Bombay Stock Exchange (BSE) website, as of December 31, 2011, Temasek had 3.46% stake in ICICI Bank through its unit Allamanda Investments, while GIC owned a 1.68% stake.
ICICI Bank shares closed down 2.07%, or Rs 16.25, at Rs 769.35 on 19th January on the BSE. At that price, Temasek and GIC’s holdings in the bank is valued at Rs 4,557 crores. Apart from ICICI Bank, GIC owns stakes in 20 other Indian companies including RIL, HDFC Bank, HDFC and Infosys. Its total investment in Indian companies is valued at Rs 11,000 crore, according to BS Research Bureau.
