Temasek Holdings has part exited ICICI bank by selling more than half of it's 3.46% stake in ICICI Bank Ltd. Goldman Sachs was the sole book running lead manager to the deal.

ICICI Bank's 15.9mn shares were sold in the range of R924 to R937.75 each, according to a report on Indiainfoline. That is a slight discount to Tuesday's close price. The deal size would be about R14.9Bn on the top end of the price band.

Temasek held 39.83 million shares of ICICI Bank, or 3.46%, as of end-September, via its unit Allamanda.

In 2003, the Temasek arm had picked up about 5.2% stake in the bank, through secondary market transactions and then over the next few years increased its stake through market purchases. BSE data shows that Allamanda Investments and Government of Singapore have been holding about 10% stake in ICICI Bank since June 2006, the quarter from when the exchange started publishing segregated shareholding patterns .

Since 2009, these two entities have been cutting their stake in the bank, with the current holding being a little over 5%. Other institutional shareholders in the company include LIC, Government of Singapore, Europacific Growth Fund, Bajaj Allianz Life Insurance, Aberdeen Global India Equity Fund, among others.

Apart from Temasek, Carlyle Group and Warburg Pincus have sold their stakes in Indian financial institutions. Last week, Carlyle Asia Partners part exited HDFC Ltd by selling 20Mn shares of HDFC at R677.25 each to a number of foreign and domestic investors including Aberdeen Asset Management raising R1354.5Cr.

Warburg Pincus also part exited Kotak Mahindra Bank through bulk deal on exchange. The fund sold 17.5Mn shares at a price of R490 per share aggregating to R857.5Cr.

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