ICICI Lombard General Insurance Company rose 2.05% to Rs 1250.05 after the Competition Commission of India (CCI) on Monday approved the company's acquisition of the general insurance business of Bharti AXA.
Bharti AXA General Insurance is a joint venture between Bharti, an Indian business group with interests in telecom, agriculture business and retail, holding 51% stake and AXA, a global insurance and asset management company, holding the remainder 49% stake.
On 21 August 2020, the ICICI Group company announced that its board and the board of Bharti AXA General Insurance Company had approved entering into definitive agreements for demerger of Bharti AXA's non-life insurance business into ICICI Lombard through a scheme of arrangement.
Based on the share exchange ratio accepted by the respective boards of the two companies, the shareholders of Bharti AXA shall receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them as on the date of the approval of the proposal by the two respective boards.
ICICI Lombard General Insurance is a private sector non-life insurer. The company offers a diversified range of products, including motor, health, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.
The general insurer reported 35.02% rise in net profit to Rs 415.74 crore in Q2 FY21 as against Rs 307.91 crore in Q2 FY20. Total income increased by 5.28% to Rs 2883.40 crore in Q2 September 2020 compared with Rs 2738.92 crore in Q2 September 2019.
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