Published October 28, 2009

Temasek, GIC cut stakes in India's ICICI

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(MUMBAI) Singapore investment company Temasek Holdings has cut its stake in ICICI, India's second-biggest lender, to 5.76 per cent as at Sept 30, 2009 from 7.6 per cent at the end of June, Bombay Stock Exchange data showed.

The Government of Singapore Investment Corp (GIC), the city-state's bigger fund, also trimmed its stake in ICICI to 1.53 per cent at the end of September from 1.66 per cent at the end of June, the data showed.

Temasek said in a statement in Singapore that any stake sales are part of regular moves to review and re-balance its portfolio. GIC declined to comment.

'We're optimistic about the long-term growth potential of Asia, including India, and we'll continue to build on our investments and portfolio in the region,' said Manish Kejriwal, senior managing director and country head for India at Temasek.

Temasek has been pruning its stakes in financials after it got burnt from investments in Merrill Lynch and Barclays last year. It sold its stakes in the two Western banks at an estimated loss of US$4 billion in its last financial year that ended in March.

ICICI shares were down 0.5 per cent at 0455 GMT, in line with the broader Indian market. Its shares have more than doubled this year. -- Reuters