CPF money use to buy at 40 now only 13 plus change

[madmansg]

http://finance.yahoo.com/q/ta?s=IBN&t=5y&l=on&z=m&q=c&p=m200,m50,m10&a=&c=

Government allows Singapore investment firms to hike stake in ICICI Bank news
20 November 2006

Mumbai: The government will allow Singapore government-owned Temasek and the government of Singapore Investment Corporation to double their stake in ICICI Bank.

The two have proposed to raise their combined stake in ICICI Bank to 20 per cent from the current 10 per cent. This has, however not been cleared by the Reserve Bank of India (RBI) as the two were treated as a single entity.

The clearance also follows Singapore government clearing proposals by the State Bank of India and ICICI Bank to start operations in that country.

Singapore investment companies are showing greater interest in the Indian financial sector as the Comprehensive Economic Cooperation Agreement between India and Singapore allows them a more liberalised investment regime.

Clarifying newspaper reports, commerce minister Kamal Nath said prime minister approved Manmohan Singh approved the plan after the Monetary Authority of Singapore offered to give State Bank of India (SBI) and ICICI Bank full banking licenses in Singapore

ICICI Bank, the country's second largest bank, meanwhile, had received RBI's approval for establishing new branches and additional off-site ATMs It, however, did not disclose the number of branches and ATMs it could open.

Banking sources said ICICI Bank had received permission to open branches in rural areas and off-site ATMs primarily in semi-urban centres.

 

[madmansg]

Temasek, Singapore GIC eye 40% of ICICI Bank public issue
Temasek and Government of Singapore Investment Corporation (GIC) are looking at cornering a little less than 40% of the fresh public issue of ICICI Bank. This would involve an investment of around Rs 8,000 crore. Temasek has already put in an application of Rs 8,300 crore — the maximum possible — on Tuesday when the issue opened for subscription.

Though retail investors are yet to step in, the issue was oversubscribed 2.7 times on the first day, thanks to demand from institutional investors.

The Singapore government arms may face some competition from government-owned institutions in the Middle East. State-owned entities from Dubai, Abu Dhabi, Kuwait and Qatar are also said to looking at subscribing to the issue.

The RBI has allowed the two Singapore government arms to pick up 10% stake each in the country’s largest private sector bank. Incidentally, four Middle East government-led institutions are also said to be looking at subscribing to a significant portion in the $5-billion issue, half of which would be raised from the local market.

Other overseas institutional investors who may subscribe include Capital International, T Rowe Price, Legatum Capital and Aberdeen. Temasek and GIC together hold 9.61% stake in ICICI Bank — Temasek through Allamanda Investments has a 7.37% stake while GIC owns 2.24% equity.

Read more in The Economic Times article.
Posted by Dhiraj Papnai at 1:15 PM
Labels: Allamanda Investments, FPO, Government of Si