LIC Gets RBI Approval to Acquire Up to 9.99% Stake in ICICI Bank

Mumbai: ICICI Bank has received a communication from the Reserve Bank of India (RBI) confirming approval for 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 the bank.

The RBI approval letter was dated September 4, 2026, and ICICI Bank received a copy of the communication at 9:09 p.m. on the same day.

Key Highlights

• RBI approved LIC to acquire an aggregate holding of up to 9.99% in ICICI Bank.

• The approval is valid for one year from September 4, 2026.

• If the acquisition is not completed within the stipulated period, the RBI approval will stand cancelled.

• The approval is subject to applicable statutory and regulatory conditions.

• ICICI Bank disclosed the development under Regulation 30 of the SEBI Listing Regulations.

RBI Approval Comes With Conditions

According to ICICI Bank's September 5 stock exchange disclosure, the RBI approval permits LIC to acquire up to 9.99% of the bank's paid-up share capital or voting rights.

The approval is subject to compliance with relevant statutory and regulatory provisions and other conditions specified by the RBI.

One-Year Timeline

LIC has to complete the acquisition within one year from the date of the RBI approval letter. ICICI Bank said that failure to do so will result in cancellation of the RBI approval.

The disclosure was filed with BSE and NSE and was also copied to the New York Stock Exchange, Singapore Stock Exchange, Japan Securities Dealers Association and SIX Swiss Exchange.