LIC to acquire up to 9.99% stake in ICICI Bank
The Reserve Bank of India has granted Life Insurance Corporation of India permission to purchase up to 9.99% of ICICI Bank's paid-up share capital or voting rights. This approval was communicated to ICICI Bank on September 4, 2026, at 9:09 pm. LIC has a year to acquire the stake; otherwise, the approval will be revoked. The central bank's permission is contingent on adherence to relevant legal and regulatory rules.
This move follows LIC's recent significant gains in mark-to-market investments in software exporters. The insurance giant's investments in TCS, Infosys, and HCL Technologies surged to Rs 1.26 lakh crore by August 4, up from Rs 1.05 lakh crore at the end of June, resulting in a combined paper profit of Rs 21,032 crore.
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