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ICICI Bank to sell stake in ICICI Pru LI

ICICI Bank is proposing to sell 6% stake in its life insurance joint venture ICICI Prudential Life Insurance Co. The sale will be effected in two separate deals worth a combined Rs 1,950 crore to Azim Premji and Singapore state investor Temasek. The sale values the country’s largest private sector life insurer at Rs 32,500 crore. Premji’s Premji Invest and its affiliates are buying 4%, while a unit of Temasek will buy 2% stake. Britain’s Prudential owns 26% in the JV. The sale will reduce ICICI Bank’s stake to 68%.The deal comes in the wake of the government’s recent decision to have higher foreign ownership in the insurance sector.

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