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ICICI Lombard General Insurance has ceased to be a subsidiary of ICICI Bank.
“With the bank’s shareholding reducing from 51.86-48.08 per cent, ICICI Lombard has ceased to be a subsidiary of the bank,” ICICI Bank said in a stock exchange filing on Thursday.
This follows the allotment of equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance after the scheme of arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors.
ICICI Lombard had on September 8 informed the stock exchanges that its board has allotted 3.57 crore equity shares to shareholders of Bharti AXA.
The IRDAI Insurance Regulatory and Development Authority of India had on September 3 given its final approval for the acquisition of the non-life insurance business of Bharti AXA General Insurance by ICICI Lombard General Insurance. The transaction had been originally announced on August 21, 2020.
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