ICICI block trade

Temasek reduces stake in ICICI through $300 million block

The trade comes as the Indian stock market enjoys a recovery, with investors accepting a tight discount in exchange for a very liquid stock.

Allamanda Investments, a unit of Singapore state investor Temasek, has sold about a $300 million stake in ICICI Bank, cutting its holding in the Indian lender by nearly half.

The move came after market rumours about a block sale in the bank, and also about a week after US private equity group Carlyle raised $270 million from its partial sale in India’s Housing Development Financing Corp HDFC. The block trade in HDFC, which was led on a sole basis by Deutsche Bank, was the first major equity transaction in the Indian market since LT Finance Holdings raised $277 million from an initial public offering in late July...

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