RBI Approves LIC to Acquire Up to 9.99% Stake in ICICI Bank

The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in ICICI Bank, the private lender said in a regulatory filing on Saturday.

ICICI Bank received a copy of the RBI's approval letter, dated September 4, 2026, at 9:09 pm on the same day. The approval allows LIC to acquire the stake within one year from the date of the RBI letter, failing which the central bank's approval will stand cancelled.

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

The stake acquisition comes almost a month after state-owned insurer amassed more than Rs 21,000 crore in mark-to-market gains in just 35 days from three software exporters, delivering a rapid payoff on a contrarian wager made while artificial intelligence disruption fears were clouding the outlook for India’s technology industry.

The market value of LIC’s holdings in Tata Consultancy Services (TCS), Infosys and HCL Technologies climbed to Rs 1.26 lakh crore on Aug. 4 from Rs 1.05 lakh crore at the end of June, translating into a combined paper gain of Rs 21,032 crore, according to an ET report dated August 6.