Indian government may limit Temasek, GIC ICICI holdings
The Indian finance ministry and the Reserve Bank of India have lodged a query with the Securities & Exchange Board of India (SEBI) over a proposal that Temasek Holdings and the Government of Singapore Investment Corporation (GIC) should increase their collective holdings in India’s largest private bank, ICICI Bank, to 20%, or 10% each.
SEBI will decide whether such a move would legally require the Singaporean entities to then make an open offer to acquire an additional 20% of ICICI. It this happened, it would make them ICICI's largest shareholders. Temasek and GIC, both being extensions of the Singaporean government, may be viewed as a single unit. If SEBI rules this to be the case, Temasek and GIC would be considered as acting in concert, triggering the takeover stipulation.
The issue first rose two years ago on Temasek and GIC's first ICICI Bank investment, when the Indian central bank, finance ministry and SEBI posited that the entities should be treated as one foreign institutional investor, but an Indian PMO intervention led to their being accepted as separate.
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