Government of India statutory body CCI (Competition Commission of India) has approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Ltd by ICICI Lombard General Insurance Company Limited under Section 31(1) of the Competition Act, 2002.
Points To Note
- The whole general insurance business of Bharti AXA will be transferred to ICICI Lombard by way of demerger, considering that ICICI Lombard will issue shares to Bharti AXA.
- The combined entity(proposed merged non-life insurance company) is likely to have a market share of 8.7 per cent on a pro forma basis.
- Under the proposed combination, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA, held by them as on the day.
CCI Approves Acquisition of Bharti AXA by ICICI Lombard CCI Approves Acquisition of Bharti AXA by ICICI Lombard