The Board of Directors of ICICI Bank approved the sale of 6.0% out of ICICI Bank Limited's shareholding in ICICI Prudential Life Insurance Company Limited, comprising the sale of 4.0% to Premji Invest & its affiliates and 2.0% to Compassvale Investments Pvt Ltd, 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%.
In a separate press release, the bank said that it has decided to appoint Ms. Vishakha Mulye as Executive Director on the Board of Directors of ICICI Bank, subject to necessary approvals.
She is currently the Managing Director & CEO of ICICI Venture Funds Management Company (ICICI Venture).