Mumbai, Feb. 16: Temasek Holdings Pte Ltd, the Singapore government’s holding company, has raised its stake in ICICI Bank to 7.3 per cent from 6.72 per cent. The company has paid Rs 115 crore ($30 million) for the 34.10 lakh shares.

Temasek, whose sole shareholder is the finance ministry of Singapore, said the transaction was concluded in the open market last week through its affiliate, Allmanda Investments Pte Ltd.

The investment agency had first bought 5.2 per cent stake in ICICI Bank last December and since then it has been consistently raising its stake in India’s second largest bank.

Temasek’s purchase of these shares came ahead of Reserve Bank of India’s fiat, barring fresh purchase of ICICI Bank shares by foreign institutional investors as FII holdings hit the trigger limit of 72 per cent. Under the present regulations, foreign holding in private sector banks has been capped at 74 per cent.

For the nine-month period ended December 31, 2003, the total foreign holding in ICICI Bank was 71.4 per cent.

FIIs, including the Singapore government held 45.25 per cent stake. Among other shareholders, domestic banks and financial institutions held 14.98 per cent and the Indian public held 7.76 per cent stake.

The state investment agency of Singapore has said that it is looking at various other investment opportunities in India.

Established in 1974, Temasek holds and manages investments in companies ranging from airlines, media, telecom to shipping, financial services and railways.