Categories: Business

ICICI Lombard to acquire Bharti AXA General Insurance, shares to be swapped

Photo: THE ECONOMIC TIMES

ICICI Lombard to acquire Bharti AXA General Insurance

new Delhi. ICICI Lombard General Insurance Company has announced that it has signed an binding agreement to acquire the business of Bharti AXA General Insurance Company Limited, promoted by Bharti Enterprises. The insurance business will be acquired through a share swap deal. That is, it will be a full share swap deal.

In a regulatory filing late on Friday, ICICI Lombard said that the boards of the two companies (ICICI Lombard and Bharti AXA General) met on Friday and through a scheme called Bharti AXA's Non-Life (Non-Life) Insurance at ICICI Lombard. Approved entering into definitive agreements for the business demerger.

According to ICICI Lombard, under the deal, shareholders of Bharti AXA will get two shares of ICICI Lombard for every 115 shares of the company. ICICI Lombard said the share exchange ratio was recommended by independent valuers and was accepted by the board of two companies.

AXA said in a statement that under the terms of the agreement, AXA and Bharti will receive a total of 3.58 crore shares of ICICI Lombard upon closing, amounting to EUR 5.21 crore at current market value.

This post was published on August 22, 2020 9:31 pm

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