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ICICI Lombard and Bharti AXA sign definitive agreements to combine their non-life insurance businesses

ICICI Lombard and Bharti AXA sign definitive agreements to combine their non-life insurance businesses

Kolkata, Aug 22 (UNI) The Board of Directors of ICICI Lombard General Insurance Company Ltd. and Bharti AXA General Insurance Company Ltd today 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 recommended by independent valuers and accepted by the respective boards of ICICI Lombard and Bharti AXA, 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 on which the Scheme of Arrangement is approved by the Board of Directors of ICICI Lombard and Bharti AXA.
The proposed transaction provides a meaningful opportunity for ICICI Lombard to consolidate its market leading position in the non-life insurance sector, becoming the third largest non-life insurer.

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