ICICI Lombard ceases to be ICICI Bank subsidiary post Bharti AXA merger

• ByStartupStory     |    September 10, 2021

ICICI Bank mentioned General Insurance has ceased to be its subsidiary, as shareholding of the financial institution has come down to 48 per cent 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.
“ICICI Lombard has made the disclosure to the stock exchanges. Accordingly, with the bank’s shareholding reducing from 51.86 percent to 48.08 percent, ICICI Lombard has ceased to be a subsidiary of the bank,” the financial institution mentioned in a regulatory filing.
ICICI Lombard has allotted a total of 35,756,194 fairness shares of the corporation to Bharti AXA shareholders — Bharti General Ventures (18,235,659) and Societe Beaujon (17,520,535).

Last year, ICICI Lombard entered into a definitive settlement to purchase Bharti Enterprises-promoted Bharti AXA General Insurance in an all-stock transaction. Based on the share alternate ratio really useful by unbiased valuers and accepted by the boards of the 2 corporations, the shareholders of Bharti AXA obtained two shares of ICICI Lombard for each 115 shares of Bharti AXA held by them.
Bharti AXA was a three-way partnership between Bharti Enterprises (51 percent) and French insurer AXA (49 percent). With the merger of Bharti AXA with ICICI Lombard, each of the previous homeowners of Bharti AXA have exited the non-life insurance coverage enterprise. Last week, sectoral regulator Irdai had given its last approval for the demerger of the overall insurance coverage enterprise of Bharti AXA General Insurance with ICICI Lombard.

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