IRDAI also grants approval to ICICI Bank to reduce stake in ICICI Lombard to 30%
ICICI Lombard General Insurance Company on 03 September 2021 has received a letter from Insurance Regulatory and Development Authority of India granting final approval to the proposed scheme of arrangement for demerger of general insurance business of Bharti AXA General Insurance Company to ICICI Lombard General Insurance Company.The Appointed Date for the Scheme is 01 April 2020. The demerger and transfer of general insurance business, as envisaged in the Scheme, shall be effective within 3 days from the date of the final approval.
The IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard General Insurance Company to 30%, subject to compliance with the provision of the Insurance Act, 1938 and applicable IRDAI regulations.
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