InvestorQ : Is it true that ICICI Lombard is not longer a subsidiary of ICICI Bank and why did that happen?
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Is it true that ICICI Lombard is not longer a subsidiary of ICICI Bank and why did that happen?

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Niti Shenoi answered.
3 months ago
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ICICI Lombard General Insurance is no longer the subsidiary of ICICI Bank as the parent company’s stake in ICICI Lombard has fallen to 48% after the merger of Bharti AXA with ICICI Lombard. As per the scheme of arrangement following the merger, ICICI Lombard had allotted shares to eligible shareholders of Bharti AXA. As a result, the shareholding of ICICI Bank in ICICI Lombard has fallen from 51.86% to 48.08%.

Under the scheme of arrangement, shareholders of Bharti AXA had been allotted 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.

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