RBI Approval Opens Door for Larger LIC Investment in ICICI Bank
What Happened
The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India (LIC) to acquire up to 9.99% of ICICI Bank's paid-up share capital or voting rights. ICICI Bank received the RBI approval letter on September 4.
Key Takeaways
LIC has one year from the date of RBI's approval to build the permitted stake. The approval is subject to applicable statutory and regulatory requirements, and will lapse if the acquisition is not completed within the stipulated period.