Temasek sells $300m ICICI Bank stake

As of the end of December, Temasek held 39.83 million shares in ICICI Bank via its Allamanda Investments vehicle. On Wednesday, 15.9 million shares were jettisoned at an average price of INR924.05 each in an open market sale run by Goldman Sachs. The shares were sold at a 1.5% discount to their closing price on Tuesday.

Bankers expect to see more India exits via share sales in the coming month, as the nation's main stock market index is up 14.6% so far this year. Having dropped more than 25% during 2011, the BSE India Sensex Index jumped by more than 10% in January, the first monthly increase in three months, and the strongest single-month performance since September 2010.

Less than a week ago, both The Carlyle Group and Warburg Pincus exited their stakes in two financial companies. Warburg Pincus raised about $170 million through its sell down of part of its holding in India's Kotak Mahindra Bank last Wednesday, while Carlyle, which owned more than 5% of mortgage lender Housing Development Finance Corp. sold 20 million shares at an average price of INR677.25 per share.

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• Topics
• South Asia
• Exits
• Financials
• Financial Services
• Exit
• India
• The Carlyle Group
• Temasek Holdings
• Warburg Pincus Asia