FIPB clears 24 per cent stake sale by ICICI for insurance biz

New Delhi, Aug 17 (UNI) The Foreign Investment Promotion Board (FIPB) today cleared divestment of 24 per cent stake by ICICI Bank into a holding company for its insurance venture.

The board had earlier, on June 22, rejected the bank's proposal to divest 24 per cent stake in ICICI Financial Services, the holding company for insurance business.

It had rejected the bank's proposal on the ground that 2(g)(i) of Insurance Regulation and Development Regulation (IRDA) does not allow a subsidiary company to be a promoter of insurance business.

Also approved by the Board under the Finance Ministry, were the four bids for five per cent stake in Delhi Stock Exchange (DSE).

The Board is also mulling for a hike in stake of US-chocolate maker Hershey's in its India unit Godrej Hershey Beverages and Foods to 57.8 per cent from 51 per cent.

The Standard Chartered Bank's proposal to pick 49 per cent stake in UTI Securities from Securities Trading Corporation of India (STCI) and Singapore-based advertising giant WPP Group's plan to acquire up to 74 per cent stake in Indian event management company Sercon also came before the Board.

UNI