Temasek Holdings (Pte) Limited, a Singapore-based investment holding company, has acquired 5.2 per cent equity in ICICI Bank.
Temasek acquired the stake in the secondary markets through its affiliate Allamanda Investments Pte Limited, a foreign institutional investor registered with the Securities and Exchange Board of India, on December 22.
The acquisition of over 5 per cent of ICICI Bank's equity capital has been approved by the bank's board of directors and the Reserve Bank of India.
ICICI Bank is India's second-largest bank and provides a wide range of financial services to retail and corporate customers.
The bank has over 450 branches and 1,700 ATMs. Its profit after tax for the six months ended September 30, 2003 was Rs 742 crore (Rs 7.42 billion) and its total assets stood at Rs 112,024 crore (Rs 1,120.24 billion).
The sole shareholder in Temasek Holdings is the Singapore's ministry of finance.
