RBI Approves LIC’s Acquisition of Up to 9.99% Stake in ICICI Bank

The Reserve Bank of India has approved the Life Insurance Corporation of India's acquisition of up to 9.99% of paid up share or voting rights in ICICI Bank, according to an exchange filing by ICICI bank. LIC, which is the applicant, shall acquire the stake within one year from the date of RBI's approval, failing of which, shall stand cancelled, the filing said.

The approval is subject to certain conditions, including compliance with the relevant statutory and regulatory provisions.

ICICI Bank received the RBI’s approval letter, dated September 4, 2026, at 9:09 pm on the same day, according to the exchange filing. The proposed acquisition will also be subject to applicable statutory and regulatory requirements, including conditions specified by the central bank.

LIC remains the single largest institutional investor in domestic equity markets, holding substantial minority stakes across major public and private lenders, infrastructure enterprises, and technology firms. Its assets under management at the end of the June quarter of FY27 were Rs. 59.39 trillion.

At the time of writing the share price of LIC was Rs. 416.50, nearly steady, while shares of ICICI bank was Rs. 1,423.70, down 0.4%.