Live
- District Collector Encourages Students to Utilize Government Facilities for a Better Future
- Per capita availability of fruits, vegetables increases in India
- FII buying reaches Rs 22,765 crore in Dec as economic growth stays resilient
- National Energy Conservation Day 2024: Date, Importance, and Easy Ways to Save Energy
- Gastronomic trouble: After 'disappearing' samosas Himachal CM in row over red jungle fowl
- Meaningful dialogue a priceless jewel of democracy: Jagdeep Dhankhar
- CM Revanth Reddy Advocates for Gurukuls as Talent Development Centers
- Zepto’s expenses surge over 71 pc in FY24, losses at Rs 1,248 crore
- Tim Southee matches Chris Gayle's six-hitting record in his farewell Test
- AP Mnister Ponguru Narayana Inspects Highway Connectivity Roads to Amaravati
Chinese investment in ICICI Bank raises eyebrows
ICICI Bank Q2 net zooms to record high
After the disclosure of a holding in HDFC, the Chinese central bank Peoples Bank of China has now acquired an equity stake in ICICI Bank
New Delhi: After the disclosure of a holding in HDFC, the Chinese central bank Peoples Bank of China has now acquired an equity stake in ICICI Bank.
The government had in April notified new norms for FDI investments by neighbouring countries which would require approvals. It is not clear if portfolio investments need to go through some vetting process or the government will continue with this open route till the time no FDI approval is required.
The investment by the Chinese central bank in ICICI Bank is modest. It subscribed to the recent ICICI Bank's Rs 15,000 crore capital qualified institutional investors (QIP) placement and invested Rs 15 crore.
The Chinese central bank was among the 357 institutional investors which included domestic mutual funds, insurance companies and global institutions that subscribed to the issue.
The investment comes at a time when business and trade relations between India and China have nose-dived after the Galwan valley clash between the soldiers.
Earlier, a disclosure by HDFC had caused a flutter after PBOC holding breached 1 per cent mark.
HDFC had clarified that Chinese central bank, People's Bank of China (PBOC) has been an existing shareholder of the company and only the disclosure was being made as they hit the 1 per cent threshold.
