LIC receives RBI approval to acquire up to 9.99% stake in ICICI Bank

The Reserve Bank of India (RBI) has granted formal approval to the state-owned Life Insurance Corporation of India (LIC) to increase its stake in ICICI Bank. LIC is authorized to acquire an aggregate holding of up to 9.99 per cent of the private lender’s paid-up share capital or voting rights.

According to regulatory filings, the approval was issued in a letter dated September 4, 2026. LIC must complete the acquisition process within one year of the approval date, by September 4, 2027, or the permission will be automatically cancelled. The transaction is subject to various statutory and regulatory conditions.

As of the most recent shareholding patterns, LIC’s current stake in ICICI Bank stands at 4.35 per cent. This move follows a similar recent approval from the RBI allowing LIC to acquire up to 9.99 per cent of HDFC Bank.