Bajaj Auto increases its stake in ICICI Bank
July 8th, 2006 Leave a comment Visited 24 times, 2 so far today
Bajaj Auto increases its stake in ICICI Bank
Bajaj Auto Ltd is the leading two-wheeler manufacturer in the Indian market. The company has now confirmed that they have signed on two mega deals on the BSE and the NSE to increase their stake in the ICICI Bank to around 4.13%.
The two new deals signed give the company an additional 1.42% stake at a cost of Rs 633 crore. With this, they have become the largest Indian investor in this largest private sector bank in the Indian market.
Sanjiv Bajaj, executive director, BAL spoke about this new development: “We are long-term shareholders of the bank and we believe in the long-term future of the bank.”
He added: “We like the ICICI stock.” ICICI Bank itself acknowledges the importance of Bajaj Auto as an investor. As much as 73.87% stake in the ICICI Bank is owned by foreign investors.
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