ICICI Lombard ceases to subsidiary of ICICI Bank
ICICI Bank announced that ICICI Lombard General Insurance Company (ICICI Lombard) Board of Directors at the Meeting held on 08 September 2021 had allotted equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance Company (Bharti AXA) as per their proportionate shareholding on the Record Date i.e. 21 August 2020 pursuant to the Scheme of Arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors.Accordingly, with the Bank's shareholding reducing from 51.86% to 48.08%, ICICI Lombard has ceased to be a subsidiary of the Bank.
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