ICICI Lombard To Acquire Bharti AXA General Insurance
ICICI Lombard to acquire Bharti AXA General Insurance, to become the country’s third-largest insurance company. As part of the arrangement, ICICI will acquire Lombard Bharti AXA General Insurance. ICICI Lombard General Insurance Company Limited and Bharti AXA General Insurance Company Limited have announced on Saturday that they are bringing their insurance business together through a share swap deal, the entity that will become the third highest in the country after the deal.
A large insurance unit will be formed. Arrangements with Bharti AXA General Insurance Company have been approved after the board meetings on Friday. ICICI Lombard will acquire Bharti AXA General Insurance (Bharti AXA General Insurance) as part of the arrangement.
Based on the share exchange ratio recommended by independent valuers, shareholders of Bharti AXA will receive two shares of ICICI Lombard on 115 shares of Bharti AXA. Currently, the promoter ICICI Bank Ltd (ICICI Bank Ltd) holds a 51.89 percent stake in ICICI Lombard, while the rest is held by the public. After the proposed deal, the promoter’s stake would fall to 48.11 percent.
Currently, Bharti Enterprises holds a 51 percent stake in Bharti AXA General. While France-based JV partner AXA holds a 49% stake. ICICI Lombard is a listed insurance company and Bharti and AXA will be public shareholders in the combined entity after the deal.
In a joint media release, the two companies said that the non-life insurance company formed after the proposed acquisition is expected to jointly earn a total annual premium of at least 16,447 crores with a market share of about 8.7 percent.
meanwhile, Petrol prices in the country have skyrocketed on Saturday. However, diesel prices still remain stable. There has been no change in diesel prices for the last 21 days. The petrol price has increased by 16 paise in the national capital on Saturday.
With this increase, the price of petrol in Delhi has been increased to Rs 81.35 per liter. At the same time, diesel remains at its old price of Rs 73.56 per liter. Along with Delhi, petrol prices have risen in other metros of the country on Saturday.
