Government buys stake in ICICI Prudential Life

The government of Singapore has acquired shares of Indian insurer ICICI Prudential Life Insurance worth USD111 million, according to media reports.

The shares were bought from the life insurer’s promoter ICICI Bank Ltd, India’s second-largest private sector lender by Singapore’s sovereign wealth fun GIC Pte. With this stake sale, ICICI Bank now holds 51.40 percent stake in ICICI Prudential.

It also sold around four percent of shares in ICICI Lombard General Insurance, its general insurance arm.

Earlier this month, ICICI Bank announced the plans to dispose of up to two per cent stake in the life insurance unit.