 Temasek
Holdings, the investment of the Singaporean government
under the full ownership of finance ministry and global
real investor, Government of Singapore Investment Corp
(GIC), have applied to raise their combined stake in ICICI
Bank to almost 40 per cent, in the $4.9 billion follow-on
public issue of the Indian bank.
Temasek,
which owns 7.37 in the bank, is reported to have put in
a bid for shares worth about $2 billion (approximately
Rs8,150 crore). GIC, owns another 2.24-per cent stake
in ICICI Bank.
The
two state investors reported to have lobbied the Indian
government to lift the investment ceiling of 10-per cent
combined stake holding in Indian banks and according to
media reports earlier this week, the Reserve Bank of India
is expected to treat Temasek and the GIC as separate entities
for their investments in Indian banks.
Merrill
Lynch and Goldman Sachs are lead managers for the global
share offering.
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