On Thursday, General Insurance said its subsidiary is no more as the bank’s stake has come down to 48 per cent after the bank’s merger. Bharti AXA with the insurer. ICICI Lombard General Insurance Company (ICICI Lombard) on September 8, 2021 allotted equity shares of the Company to eligible shareholders of Bharti AXA General Insurance Company (Bharti AXA) as per the scheme of arrangement between the two insurance companies.

The plan of arrangement between Bharti AXA and ICICI Lombard came into effect on September 8, 2021.

The bank said in a regulatory filing, “ICICI Lombard has disclosed to the stock exchanges… Accordingly, the stake of the bank has come down from 51.86 per cent to 48.08 per cent, ICICI Lombard ceases to be a subsidiary of the bank.” .

ICICI Lombard has allotted a total of 35,756,194 equity shares of the company to Bharti AXA shareholders – Bharti General Ventures (18,235,659) and Societe Beaujon (17,520,535).

Last year, ICICI Lombard entered into a definitive agreement to acquire Bharti AXA General Insurance, promoted by Bharti Enterprises, in all stock transactions.

The shareholders of Bharti AXA received two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them, based on the share exchange ratio recommended by independent assessors and approved by the boards of the two companies.

Bharti AXA was a joint venture between Bharti Enterprises (51 per cent) and French insurance company AXA (49 per cent).

With the merger of Bharti AXA with ICICI Lombard, both the former owners of Bharti AXA have exited the non-life insurance business.

Last week, regional regulators irdai Bharti AXA General Insurance has given its final approval for the merger of the general insurance business with ICICI Lombard.

Shares of ICICI Lombard closed at Rs 1,620.90, up 0.58 per cent BSE.