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INDIA BUSINESS WORLD - JULY 2006
THE MONTH THAT WAS...

ICICI BANK TO CUT 24% STAKE IN 3i

ICICI Bank is looking at reducing its stake in Mumbai-based software services firm 3i Infotech to 30% from close to 54%, report K Yatish Rajawat & Rajesh Unnikrishnan from Mumbai.

The bank is pruning the stake in consonance with the norms of the banking regulator on investments by banks.

 ICICI Bank directly controls 17.29% of the stake while ICICI Strategic Investment Fund holds 36.91%, going by data as on December 31, 2005 . The company has not updated its shareholding pattern after that.

ICICI is said to be scouting for strategic investors who will pick up the stake from it.
 

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