By IANS
Mumbai : India's top private sector lender ICICI Bank Monday said that the government has not approved its plan to sell a 5.9 percent of its stake in a subsidiary, ICICI Financial Service Ltd.
Last week the bank had raised a record $4.9 billion in a mega share sale offer.
"ICICI Bank has not yet got any official clearance from the Foreign Investment Promotion Board. We are given to understand that the application has not been approved," the bank said in a statement Monday.
Industry sources here said that the second largest bank had aimed to raise about $650 million from the sale of stake in its fully-owned subsidiary in insurance and asset management sector, ICICI Financial Service Ltd.
ICICI holds 74 percent stake each in ICICI Prudential Life Insurance Co. and ICICI Lombard General Insurance Co.
The bank also has 51 percent controlling holdings each in ICICI Prudential Asset Management Co. and ICICI Prudential Trust Ltd.