Stocks to watch | LIC gets RBI approval to acquire up to 9.99% stake in ICICI Bank

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Stocks to watch: When trading resumes on Dalal Street on Monday, shares of Life Insurance Corporation (LIC) of India and ICICI Bank will be on the radar of Indian stock market investors. The reason for this is the big acquisition update. The Reserve Bank of India (RBI) has approved LIC's acquisition of up to a 9.99% stake in ICICI Bank within one year of the RBI's approval letter. ICICI Bank informed of the acquisition update in an exchange filing on Saturday, following receipt of the RBI letter late on Friday evening.
ICICI informed the Indian stock market exchanges about the RBI approval letter on Saturday, saying, "On September 4, 2026 at 9:09 PM, 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. The approval is subject to certain conditions, including compliance with the relevant statutory and regulatory provisions.
According to the shareholding pattern of ICICI Bank for the April to June 2026 quarter, LIC holds 31,18,17,010 ICICI Bank shares, accounting for 4.35% of the private lender's net paid-up capital. This is more than half of the net stake owned by the insurance companies in ICICI Bank.
By the June 2026 quarter, insurance companies owned 8.24% stake in ICICI Bank. Another major insurance company that holds a stake in ICICI Bank is SBI Life Insurance Company Ltd. SBI Life Insurance Company holds a 1.43% stake in ICICI Bank.
ICICI Bank is mutual funds' favourite as well. By the end of the June 2026 quarter, mutual funds hold 29.60% stake in ICICI Bank. Axis Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, Nippon Life India Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, and ICICI Prudential Mutual Fund are among the major stakeholders in the ICICI Bank. SBI Mutual Fund leads the tally by holding 6.27% stake in the private lender, followed by ICICI Prudential Mutual Fund (4.40%), HDFC Mutual Fund (3.58%), and Nippon Life India Mutual Fund (2.55%).
On Friday, the LIC share price closed at ₹416.50 on the NSE, while the ICICI Bank share price closed at ₹1,423.70 apiece.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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