ICICI Prudential Life Insurance Company, country?s largest private sector risk cover provider, had picked up over 12% stake in Tulip Telecom in two separate deals struck on BSE and NSE on a single day.

ICICI had picked up the stake in the New Delhi-based data telecom service provider at an average price of Rs 176 per share. Foreign institutional investors Lehman Brothers and Swiss Finance Corporation, however, had hang up on the company by selling their respective stakes in separate deals on the bourses on August 18.

Both Lehman and Swiss Finance Corporation had sold their stake at a price of a little over Rs 176 per share. Citigroup Global Markets (Mauritius) had also sold part of its stake in the Tulip Telecom at a price of Rs 176.09 in a separate deal on BSE. ICICI Prudential bought the shares in Tulip Telecom from these foreign fund houses is not immediately known.

According to information available with FE, ICICI Prudential Life Insurance Company, a joint venture between country?s largest private sector lender ICICI and Prudential of UK, had bought 20 lakh shares of Tulip Telecom in a block deal on BSE at a price of Rs 176 per share and another 15,05,000 shares on NSE at a price of Rs 176 per share, taking its total holding in the data telecom service provider to 35,05,000 shares or 12.09% stake in the company.

According to market sources, ICICI Prudential Life must have shelled out a total of Rs 61.69 crore to garner the 12.09% stake in Tulip Telecom.

Foreign brokerage house UBS Securities had sold 25 lakh shares of Tulip Telecom on behalf of its client Swiss Finance Corporation at a price of Rs 176.05 on BSE on August 18. Similarly, Lehman Brothers sold 27,98,950 shares of Tulip at a price of Rs 176.09 in a single deal on NSE on the same day.

While Swiss Finance Corporation had pocketed over Rs 44 crore from the deal, Lehman Brothers must have got over Rs 49.29 crore from the sale. Citigroup Global Markets ,which was holding 4.79% stake in the Tulip Telecom as of the quarter ending June this year, had also offloaded part of its stake in the company at a price of Rs 176.09 per share. Post sale, Citi?s stake in Tulip Telecom has been diluted to a tad over 2.03%.