Regulatory5 Sept 2026, 12:31 pm
RBI Approves LIC to Acquire up to 9.99% Stake in ICICI Bank
AI Summary
ICICI Bank Limited announced it has received approval from the Reserve Bank of India (RBI) for Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the bank's paid-up share capital or voting rights. This approval is valid for one year from the date of the RBI letter, September 4, 2026. The approval is subject to compliance with all applicable statutory and regulatory provisions. This move indicates a significant stake acquisition by a major Indian financial institution.
Key Highlights
- RBI grants approval for LIC to acquire up to 9.99% stake in ICICI Bank.
- Acquisition must be completed within one year from the RBI approval date.
- The approval is contingent on compliance with regulatory requirements.
- This signifies a substantial investment by LIC in ICICI Bank.
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