ICICI Financial institution acquired a replica of the RBI’s approval letter, dated September 4, 2026, at 9:09 pm on the identical day. The approval permits LIC to accumulate the stake inside one 12 months from the date of the RBI letter, failing which the central financial institution’s approval will stand cancelled.
The approval is topic to sure circumstances, together with compliance with relevant statutory and regulatory provisions.
The stake acquisition comes virtually a month after state-owned insurer amassed greater than Rs 21,000 crore in mark-to-market positive aspects in simply 35 days from three software program exporters, delivering a fast payoff on a contrarian wager made whereas synthetic intelligence disruption fears had been clouding the outlook for India’s know-how trade.
The market worth of LIC’s holdings in Tata Consultancy Providers (TCS), Infosys and HCL Applied sciences climbed to Rs 1.26 lakh crore on Aug. 4 from Rs 1.05 lakh crore on the finish of June, translating right into a mixed paper achieve of Rs 21,032 crore, based on an ET report dated August 6.
