RBI Approves LIC’s Plan To Acquire 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 sector lender said in a regulatory filing on Saturday.

According to ICICI Bank’s regulatory filing, the lender received a copy of the RBI’s approval letter, dated September 4, 2026, at 9:09 p.m. on the same day.

The approval permits LIC to build the proposed holding within one year from the date of the RBI’s letter.

ICICI Bank said the approval will stand cancelled if LIC does not acquire the permitted stake within the specified one-year period.

The RBI’s approval is also subject to certain conditions, including compliance with applicable statutory and regulatory requirements, according to the filing.

The bank made the disclosure to the BSE and the National Stock Exchange under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015.

LIC’s Recent Gains From IT Stocks

The development comes after LIC recorded significant mark-to-market gains on its holdings in three major Indian information technology companies, as per a report by The Economic Times (ET).

The market value of LIC’s holdings in Tata Consultancy Services (TCS), Infosys and HCL Technologies rose to ₹1.26 lakh crore on August 4 from ₹1.05 lakh crore at the end of June, resulting in a combined paper gain of ₹21,032 crore, the report said.

The sharp rise in the value of these holdings came as LIC’s investment strategy in the technology sector paid off following a period when concerns over artificial intelligence-led disruption had weighed on the outlook for Indian IT companies, it added.