Financial Daily from THE HINDU group of publications
Wednesday, Mar 08, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 08, 2006 |
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Money & Banking
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Private Banks ICICI to sell stake in Federal Bank to IFC Our Bureau
Mumbai , March 7 ICICI Bank has sought permission from the Reserve Bank of India to sell its entire stake in the Kerala-based Federal Bank Ltd. According to banking sources, ICICI Bank has finalised a deal with International Finance Corporation to sell its remaining 7.7 per cent stake in Federal Bank. As per the RBI rules, ICICI Bank has to bring down its stake in Federal Bank to five per cent. Originally, ICICI Bank had 20 per cent stake in Federal Bank and part of which was sold to a foreign institutional investor sometime back. The stake came down further following an issue of Global Depository Receipts by Federal Bank.
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