ICICI Bank Ltd has informed that regard to the termination of arrangement with the investors for subscription to equity shares of the proposed new subsidiary. The said new subsidiary was proposed for transfer of ICICI Banks equity shareholding in ICICI Prudential Life Insurance Company Ltd, ICICI Prudential Asset Management Company Ltd, and ICICI Prudential Trust Ltd. The arrangement was subject to the receipt of regulatory and other approvals including that of the Reserve Sank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board, and was to terminate failing receipt of such approvals within a mutually agreed date. The agreed date has elapsed and approval of Reserve Bank of India has not been received.
In this regard the Bank has issued the following News Release on February 01, 2008:The Board of Directors of the Bank at its meeting held on March 1-3, 2007 had, subject to the receipt of all regulatory approvals, approved the transfer of ICICI Banks equity shareholding in ICICI Prudential Life Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd, ICICI Prudential Asset Management Company Ltd and ICICI Prudential Trust Ltd to a proposed new subsidiary.Further, as intimated vide a stock exchange notification on June 12, 2007, ICICI Bank had received definitive offers from investors for subscription to equity shares of the proposed new subsidiary and for entering into definitive agreements for this purpose. The arrangement was subject to receipt of regulatory and other approvals including that of the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board, and was to terminate failing receipt of all such approvals within a mutually agreed date. As the agreed date has elapsed and this requirement has not been satisfied, the arrangement with respect to the offers stands terminated.
In this regard the Bank has issued the following News Release on February 01, 2008:The Board of Directors of the Bank at its meeting held on March 1-3, 2007 had, subject to the receipt of all regulatory approvals, approved the transfer of ICICI Banks equity shareholding in ICICI Prudential Life Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd, ICICI Prudential Asset Management Company Ltd and ICICI Prudential Trust Ltd to a proposed new subsidiary.Further, as intimated vide a stock exchange notification on June 12, 2007, ICICI Bank had received definitive offers from investors for subscription to equity shares of the proposed new subsidiary and for entering into definitive agreements for this purpose. The arrangement was subject to receipt of regulatory and other approvals including that of the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board, and was to terminate failing receipt of all such approvals within a mutually agreed date. As the agreed date has elapsed and this requirement has not been satisfied, the arrangement with respect to the offers stands terminated.
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