ICICI Lombard ceases to be a subsidiary of ICICI Bank post-merger with Bharti AXA

ICICI Bank mentioned General Insurance has ceased to be its subsidiary, as shareholding of the financial institution has come down to 48 percent after the merger of Bharti AXA with the insurer. ICICI Lombard General Insurance Company (ICICI Lombard) had on September 8, 2021, allotted fairness shares of the corporation to the eligible shareholders of Bharti AXA General Insurance Company (Bharti AXA), as per the scheme of association between the 2 insurers. The scheme of association between Bharti AXA and ICICI Lombard got here on September 8, 2021.

For being a subsidiary, the parent company must own at least 50% of the equity in the subsidiary company.