The Board of Directors of ICICI Bank Limited concluded its meeting on February 28, 2026, approving the purchase of up to 2.0% additional equity shares in its subsidiary, ICICI Prudential Life Insurance Company Limited (ICICI Life). This strategic move is primarily intended to maintain the Bank’s majority shareholding should ICICI Life exercise its existing stock-based compensation plans. The transaction is subject to the receipt of all necessary regulatory approvals.
Outcome of ICICI Bank Board Meeting (Feb 26-28, 2026)
The Board of Directors of ICICI Bank Limited held a meeting that commenced on February 26, 2026, at 5:30 p.m. and concluded on February 28, 2026, at 11:06 a.m. The primary outcome announced was the approval for the purchase of up to 2.0% additional shareholding in its subsidiary, ICICI Prudential Life Insurance Company Limited (ICICI Life).
Rationale for Share Purchase
The strategic objective behind this approved purchase is critical for maintaining governance structure. The acquisition will primarily be undertaken towards ensuring the Bank retains its majority shareholding in ICICI Life, specifically to cover potential dilution arising from the exercise of stock-based compensation by ICICI Life employees. The entirety of this transaction remains contingent upon the Bank receiving the requisite approvals.
Filing and Compliance
The details of the outcome were formally communicated to the stock exchanges, including the BSE Limited and the National Stock Exchange of India Limited. The announcement was duly signed by Prachiti Lalingkar, Company Secretary, on February 28, 2026. Copies of this outcome have also been marked for information to international exchanges including the New York Stock Exchange (NYSE) and the SIX Swiss Exchange Ltd.
Source: BSE
