ICICI Bank Ltd
has been informed by ICICI Lombard General Insurance Company Limited
that their Board of Directors at the Meeting held on September 8, 2021 had allotted equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance Company Limited as per their proportionate shareholding on the Record Date i.e. August 21, 2020 pursuant to the Scheme of Arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors.
ICICI Lombard has made disclosure to the stock exchanges on September 8, 2021.
Accordingly, with the Bank’s shareholding reducing from 51.86% to 48.08%, ICICI Lombard has ceased to be a subsidiary of the Bank.
At around 12:10 PM, ICICI Lombard General Insurance Company was trading at Rs1,633.45 per piece up by Rs12.55 or 0.77% while ICICI Bank is trading downside by 1.69% at Rs708 per piece on Sensex.