MUMBAI (Reuters) – ICICI Venture, the private equity arm of No. 2 Indian lender ICICI Bank (ICBK.BO), has agreed to invest 1.2 billion rupees ($26.7 million) in Star Health and Allied Insurance, two sources with direct knowledge of the deal said on Wednesday.
The fund will pick up a 15-20 percent stake in Star Health, said the sources, who did not wish to be named as they were not authorised to speak to the media.
“We have agreed in principle. We are awaiting regulatory approval to announce the deal,” said one source.
Domestic investment banking firm, Mape Advisory Group, was the arranger of the transaction, the sources said. ($1=45.00 Indian rupees) (Reporting by Indulal P.M.; editing by Malini Menon)