ICICI Lombard and Bharti AXA to merge in share swap deal to form 3rd largest General Insurer

Highlights :

ICICI Lombard and Bharti AXA to merge in share swap deal to form 3rd largest General Insurer
The shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.
The combined entity shall have a market share of 8.7% on pro-forma basis

ICICI Lombard General Insurance Company and Bharti AXA General Insurance Co Ltd on Saturday said they will combine their Insurance businesses through a share swap deal, paving the way for the creation of the country's third-largest general insurance company.

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 date which the Scheme of Arrangement approved by the boards of both the companies.

The combined entity shall have a market share of 8.7% on pro-forma basis.

After obtaining all approvals, when the scheme becomes effective, the non life insurance business will be demerged from Bharti AXA into ICICI Lombard.

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