Shares of ICICI Bank will remain in focus on Monday after the Reserve Bank of India 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 the private lender.
RBI’s approval allows the insurance behemoth to acquire the stake within one year from the date of the letter dated September 4, failing which the central bank's approval will stand cancelled. The approval is subject to certain conditions, including compliance with applicable statutory and regulatory provisions, ICICI Bank said in an exchange filing released on Saturday.
