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ICICI Lombard ceases to be a subsidiary of ICICI Bank

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With the bank's shareholding reducing below 50%, general insurance ICICI Lombard has ceased to be a subsidiary of ICICI Bank. This follows the allotment of equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance after the scheme of arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors. ICICI Lombard has allotted 3.57 crore equity shares to shareholders of Bharti AXA.