Mumbai, June 12: Five investors are picking up a 5.9 per cent stake in ICICI Financial Services (earlier ICICI Holdings) for Rs 2,650 crore. The stake purchase values the holding company at Rs 44,600 crore on a post-issue basis.

The company did not reveal the identity of these investors, but it is learnt that they include Temasek, the Government of Singapore Investment Corp (GIC), Crown Capital, Capital International and Legatum Capital.

In a notice to the bourses today, ICICI Bank said the Registrar of Companies (RoC), Vadodara had approved the name ICICI Financial Services for the subsidiary to be set up by the bank instead of the earlier proposed name of ICICI Holdings. The bank said after discussions with potential investors in the new subsidiary, it received offers from them for subscription to its equity shares.

According to the agreement signed with the five investors, the subscription amount is Rs 2,650 crore for fresh issue of shares by the new subsidiary. The investors will acquire a collective stake of 5.9 per cent in the new subsidiary, valuing it at Rs 44,600 crore.

“The arrangement is subject to the receipt of regulatory and other approvals, including that of the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board,’’ it added.

Speculations on the stake sale have been doing the rounds ever since ICICI Bank announced the formation of the holding company.

In March this year, ICICI Bank said it was setting up a holding company for the bank’s investments in four subsidiaries — ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Prudential ICICI Asset Management Company and Prudential ICICI Trust.

It said that the entity was likely to be listed between April and December this fiscal. Though foreign holdings can even touch 100 per cent since it will be a non-banking finance company, ICICI Bank has said that it would retain the majority stake.

The bank set up the holding company as Reserve Bank of India (RBI) regulations stipulate that a bank can only invest 20 per cent of its net worth in subsidiary companies.