Temasek Continues to Unload ICICI Bank Shares
Temasek Holdings through its sovereign wealth enterprise (Allamanda Investments) sold 14.7 billion rupees or around US$ 300 million shares in ICICI Bank Ltd. ICICI Bank Ltd is a major bank in India. The Singapore sovereign wealth fund joined with the Carlyle Group LP in selling positions in India. Since 2009, Temasek Holdings and their counterpart Government of Singapore Investment Corp (GIC) have been reducing exposure in ICICI Bank.
Temasek Holdings and Singapore’s GIC combined will hold less than 4% of the bank.
India has opened up their markets to institutional investors in recent years, especially with its takeover rules from foreign public investors.
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