LIC to acquire 10% stake in ICICI Bank

The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in ICICI Bank.

The approval allows LIC to acquire the stake within one year from the date of the RBI letter.

LIC has also invested in IT Companies. The market value of LIC’s holdings in Tata Consultancy Services (TCS), Infosys and HCL Technologies climbed to Rs 1.26 lakh crore on Aug. 4.

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