LIC can now acquire 9.99% stake in ICICI Bank
What's the story
The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India's (LIC) proposal to acquire up to 9.99% of ICICI Bank's share capital. The approval is valid for one year from the date of RBI's letter, which was issued on September 4, 2026. If not utilized within this period, the central bank's approval will be canceled.
Market performance
LIC's tech stock investments soar
The approval comes after a major gain for LIC in tech stocks.
Between June and August 4, 2026, its investments in Tata Consultancy Services (TCS), Infosys, and HCL Technologies grew by ₹21,032 crore.
Despite concerns over artificial intelligence disrupting the tech industry, LIC's portfolio value jumped from ₹1.05 lakh crore to ₹1.26 lakh crore in just 35 days.
Conditions
Conditions attached to RBI's approval
The RBI's approval for LIC to acquire a stake in ICICI Bank is subject to certain conditions. These include compliance with all applicable statutory and regulatory provisions. The central bank's letter was also sent to ICICI Bank, which received it on the same day.