Mumbai: The country''s largest private sector lender ICICI Bank has received offers worth Rs2,650 crore for a 5.9 per cent stake in its proposed new subsidiary.

ICICI Bank has received definitive offers from various investors for subscription to equity shares in its new insurance and asset management subsidiary, ICICI Financial Services, the bank in a filing with the Bombay Stock Exchange (BSE).

The offer values ICICI Financial Services at Rs44,600 crore on a post-issue basis.

ICICI, however, did not disclose the details of the investors from whom it had received the subscription offers.

The arrangement is subject to regulatory and other approvals, including the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board.

ICICI Bank further said the registrar of companies in Vadodara has approved the name ICICI Financial Services" for the new subsidiary to be set up by the Bank instead of the earlier proposed name of "ICICI Holdings".

ICICI Bank will also raise up to Rs8,750 crore through a follow-on public offer (FPO) in domestic markets.

The bank would issue equity shares of Rs10 each amounting to Rs8,750 crore for cash at a price to be determined by book building process, ICICI Bank said in a communique to the Bombay Stock Exchange (BSE).

It added that five per cent of the FPO would be reserved for existing shareholders holding shares worth Rs100,000 as of June 13, which is the record date for the issue.

The other details relating to the FPO, including the price band, would be announced by the bank in due course, it said.