RBI Approves LIC Bid to Buy Nearly 10% in ICICI Bank
The Reserve Bank of India gave Life Insurance Corporation permission to acquire up to 9.99% of ICICI Bank's paid-up capital or voting rights within one year.
Shares of ICICI Bank will remain on Monday's trading screens after the Reserve Bank of India approved Life Insurance Corporation of India's request to acquire a stake in the bank. The central bank granted permission for LIC to buy up to 9.99% of the paid-up share capital or voting rights in the private lender within one year from September 4. This deadline applies if specific statutory conditions are met, per an exchange filing released Saturday by ICICI Bank.
LIC currently holds over 4% stake in the company at the end of April-June quarter 2027, according to NSE shareholding data. State Bank of India Insurance Company holds over 1% while mutual funds hold significant portions; SBI Mutual Fund owns more than 6%, followed by ICICI Prudential, Aditya Birla Sun Life, HDFC, Kotak, Nippon Life India, UTI, and Axis Mutual Funds each holding 1-6%. The move follows recent mark-to-market gains for LIC exceeding Rs 21,000 crore in 35 days from technology sector investments.
