Mumbai36 minutes ago
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Life Insurance Corporation of India, the country’s largest government insurance company, will now buy 9.99% stake in ICICI Bank. For this, LIC has got approval from the Reserve Bank of India.
ICICI Bank has given this information in its share market filing. According to the bank, the approval letter issued by RBI was received on September 4, 2026 at 9:09 pm. After getting this permission, LIC will now be able to increase its stake in the bank within the next one year.
Time limit of 1 year fixed, otherwise approval will be canceled
The filing states that this approval has been given with a limited time limit. If LIC is not able to complete the acquisition of this stake within one year from the date of issue of the approval letter (4 September 2026), this permission will lapse. This purchase will be finalized only after fulfilling the government rules and legal conditions.
LIC will also buy stake in HDFC Bank
- Before ICICI Bank, LIC has also got approval to increase its stake in the country’s largest private bank HDFC Bank.
- According to HDFC Bank’s filing on August 19, RBI had given permission to LIC to acquire up to 9.99% of the paid-up share capital or voting rights of the bank.
- As per the filing data, LIC already held 4.11% of the total share capital of HDFC Bank.
Condition of companies in stock market
On Friday, LIC shares closed at ₹415.35, down Rs 1.55 or 0.37%. Whereas ICICI Bank shares closed at the level of ₹ 1,423.20.
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