The People’s Bank of China has picked up a 0.006% stake in ICICI Bank after investing Rs 15 crore, ANI reported on Tuesday. The investment was carried out under ICICI Bank’s Rs 15,000 crore qualified institutional placement exercise, which concluded last week.

The Chinese bank was among 357 institutional investors, including mutual funds, insurance companies and global institutions that subscribed to the issue, an unidentified official said. The prominent investors were Government of Singapore, Morgan Investment and multinational investment bank Societe Generale.

The People’s Bank of China earlier had investments only in the United States and Europe, Business Today reported. In March, it increased its stake in home loan lender HDFC Limited to over 1%. This had created a controversy in India, with the government tightening norms for Foreign Direct Investment in India from neighbouring countries, with a view to curb “opportunistic takeovers or acquisitions” of Indian companies.

A movement to boycott Chinese products has gained steam in India after a clash between the armies of the two countries, in Galwan Valley in Ladakh on June 15. Twenty Indian soldiers and an unidentified number of their Chinese counterparts had died in the clash.

On June 29, India banned 59 Chinese-linked apps, including TikTok, Cam Scanner and WeChat, citing security concerns.

Source: Scroll.in