21 Aug 07 ICICI Financial Services Stake Sale : ICICI Bank gets FIPB approval

ICICI Bank has finally received approval from the Foreign Investment Promotion Board (FIPB) to sell 24% stake in its subsidiary ICICI Financial Services. ICICI Bank was awaiting FIPB approval to sell stake in ICICI Financial Services to foreign investors. Though ICICI Bank has now obtained the FIPB approval, it sill requires the reserve bank of India’s (RBI) approval to sell stake in ICICI Financial Services.

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