ICICI Prudential Asset Management Company has received the Reserve Bank of India’s (RBI) approval to acquire up to 9.95% of the paid-up share capital or voting rights in four banks, including Kotak Mahindra Bank, ICICI bank said in a regulatory filing. ICICI Prudential Asset Management Company is the asset management arm of ICICI Bank.
The other three lenders are: CSB Bank, DCB Bank and AU Small Finance Bank.
Approval comes under RBI’s 2025 directions
The RBI issued separate letters on September 8, 2026, approving the proposed acquisitions. The applications were made under the Reserve Bank of India (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025, dated November 28, 2025.
The regulatory framework governs the acquisition and holding of shares or voting rights in banking companies and sets out how an applicant’s aggregate holding is to be determined.
One-year window to complete acquisition
The RBI has given ICICI Prudential Asset Management Company one year from the date of its letters to acquire the approved major shareholding.
If the company does not acquire the major shareholding within the stipulated period, the approvals will stand cancelled, according to the filing.
ICICI Bank said the approvals specifically permit ICICI Prudential Asset Management Company to acquire an “aggregate holding” of up to 9.95% of the paid-up share capital or voting rights in the four banks.