New Delhi: Public sector insurer Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India (RBI) to acquire an aggregate holding of up to 9.99 per cent of the paid-up share capital or voting rights in private lender ICICI Bank, according to a regulatory filing.

As per the exchange filing, ICICI Bank received the RBI’s approval letter dated September 4, 2026, at 9:09 pm the same day. The approval allows LIC to acquire the stake within one year from the date of the RBI’s letter, after which it will lapse.

Also, the acquisition will be subject to applicable statutory and regulatory requirements. “The approval is subject to certain conditions including compliance with the relevant statutory and regulatory provisions,” the filing read.

“On September 4, 2026 at 9:09 p.m. , ICICI Bank Limited (the Bank) has received a copy of Reserve Bank of India (RBI ) letter dated the same day addressed to Life Insurance Corporation of India (the applicant) that it has accorded its approval to the applicant to acquire ‘aggregate holding’ of up to 9.9 9% of the paid -up share capital or voting rights in the Bank within one year from the date of RBI approval letter, failing which RBI approval shall stand cancelled.”

In an earlier development, Life Insurance Corporation of India (LIC), the country’s largest insurer, received approval from the Reserve Bank of India (RBI) to raise its stake in HDFC Bank to up to 9.99 per cent.

According to an HDFC Bank regulatory filing dated August 19, the RBI approved LIC’s application to acquire up to 9.99 per cent of the bank’s paid-up share capital or voting rights. The filing stated that the RBI had “accorded its approval to Life Insurance Corporation of India (LIC)” to acquire the additional stake in HDFC Bank.

As per the filing, LIC "holds 4.11% of the total share capital of the Bank."

LIC shares last closed at Rs 415.35, down 1.55 points or 0.37 per cent. (ANI)