At meeting held on 16 November 2015
The Board of Directors of ICICI Bank has at its meeting on 16 November 2015 approved, subject to government and regulatory approval, the sale of 6.0% out of ICICI Bank Limited's shareholding in ICICI Prudential Life Insurance Company (the Company), comprising the sale of 4.0% to Premji Invest & its affiliates and 2.0% to Compassvale Investments Pte, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values the Company at Rs. 32,500 crore, reflecting the substantial value created by the business since its inception.'Upon completion of the transaction, ICICI Bank will hold approximately 68% share of the Company. Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%.
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