ICICI Lombard acquires Stake in State Bank of India for Rs 1.72 Billion

ICICI Lombard has acquired ₹1.72 billion worth of State Bank of India (SBI) shares on October 28, 2026, bringing its cumulative holding in SBI to 0.02%

ICICI Lombard General Insurance Company Limited has disclosed its acquisition of shares in State Bank of India (SBI), a major public sector bank. The total investment amounted to ₹1.72 billion, with the acquisition taking place over multiple tranches and concluding on October 28, 2026.

SBI Mutual Fund Stake in ICICI Lombard: Separately, the Insurance Regulatory and Development Authority of India (IRDAI) previously permitted the SBI Group / SBI Mutual Fund to acquire and hold up to a 10% stake in ICICI Lombard General Insurance, with SBI Mutual Fund holding approximately 1.77% to 18.72% across various mutual fund schemes and institutional holdings.

State Bank of India (SBIN) closed at ₹956.80 on October 28, 2026, gaining 1.24% from its previous day’s close of ₹945.10. As India’s largest public sector lender, it commands a massive market capitalization of ₹8.83 trillion.

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Shareholding of SBI

The DII ownership block is heavily driven by mutual fund pools and government-backed insurance corporations.

Mutual Funds (~13.68%): Active asset management schemes represent a core stabilizing public pillar. The top individual fund allocations include SBI Mutual Fund Schemes (3.17%), HDFC Mutual Fund (1.82%), ICICI Prudential Mutual Fund (1.44%), and Nippon Life India (1.35%).

Insurance Companies (~10.91%): The single largest corporate domestic public shareholder outside the Indian government remains the Life Insurance Corporation of India (LIC), holding a stable 9.23% direct equity stake in the banking giant.

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