Date:18/08/2006 URL: http://www.thehindubusinessline.com/2006/08/18/stories/2006081803330600.htm

ICICI Bank sells IDFC stake for Rs 252 cr

Our Bureau

Mumbai , Aug. 17

ICICI Bank today sold its entire stake of 3.74 per cent in Infrastructure Development Finance Company Ltd (IDFC) to Goldman Sachs for Rs 252 crore.

The Mauritius-based subsidiary of global investment bank Goldman Sachs today acquired 4.2 crore shares of IDFC, representing nearly 3.74 per cent stake in a bulk deal on the Bombay Stock Exchange. The deal was executed at a price of Rs 60 per share.

According to data available on the BSE, ICICI Bank held 4.2 crore shares in IDFC at the end of June quarter, which were all offloaded following today's bulk deal.

The share price of IDFC jumped 2 per cent to Rs 58.20, while those of ICICI Bank closed 0.20 per cent up at Rs 590.60 on the BSE.