Wednesday 4 November 2020
The Competition Commission of India (CCI) has authorized the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) below Section 31(1) of the Competition Act, 2002.
WARRIOR 4.0 | | |
As per the proposed mixture:
- The complete normal insurance coverage enterprise of Bharti AXA shall be transferred to ICICI Lombard by the use of demerger, contemplating that ICICI Lombard will difficulty shares to Bharti AXA.
- The mixed entity(proposed merged non-life insurance coverage firm) is prone to have a market share of 8.7% on a proforma foundation.
- Under the proposed mixture, the shareholders of Bharti AXA will obtain 2 shares of ICICI Lombard for each 115 shares of Bharti AXA, held by them as on the date on which the scheme is authorized by the Board of Directors of ICICI Lombard and Bharti AXA.
Important takeaways for all aggressive exams:
- Bharti AXA Co. Ltd Headquarters: Mumbai, Maharashtra.
- Bharti AXA MD and CEO: Sanjeev Srinivasan.
- Bharti AXA Established: 2008.
- Bharti AXA Tagline: Suraksha ka Naya Nazariya.
- ICICI Lombard Co. Ltd Headquarters: Mumbai, Maharashtra.
- ICICI Lombard MD & CEO: Bhargav Dasgupta.
- ICICI Lombard Established: 2001.
- ICICI Lombard Tagline: Quick Easy Smart.
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