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IRDAI approves ICICI Lombard acquisition of Bharti Axa General
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SME Times News Bureau | 28 Nov, 2020
The Insurance Regulatory and Development Authority of India (IRDAI), on
Friday approved, in principle, the acquisition of the non-life insurance
business of Bharti Axa General Insurance Company Ltd by ICICI Lombard
General Insurance Company Ltd.
In a statement ICICI Lombard said
it is progressing applications for receipt of requisite approval from
other regulators concerned for the transaction.
Upon closing of
the proposed transaction, the consolidated entity will have a market
share of about 8.7 per cent on proforma basis in the non-life business.
The
proposed transaction is expected to result in value creation for all
stakeholders through meaningful revenue and operational synergies.
Recently, the Competition Commission of India (CCI) gave its approval for the deal.
Based
on the share exchange ratio recommended by the independent valuers and
accepted by the respective boards of ICICI Lombard and Bharti AXA, the
shareholders of Bharti AXA shall receive two shares of ICICI Lombard for
every 115 shares of Bharti AXA held by them as on the date on which the
scheme of arrangement is approved by the board of directors of ICICI
Lombard and Bharti AXA, according to a joint press statement issued by
both the companies in August.
Bharti AXA General Insurance is a
joint venture between Bharti Enterprises with 51 per cent stake and
French insurer AXA with 49 per cent stake. Both Bharti Enterprises and
AXA will exit their non-life insurance businesses once all regulatory,
administrative and legal approvals are in place.
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