IRDAI approves ICICI Lombard acquisition of Bharti Axa General

The Insurance Regulatory and Development Authority of India (IRDAI) has given its in-principle approval for the merger of Bharti AXA General Insurance with ICICI Lombard. The merged entity could have a market share of round 8.7 per cent on a proforma foundation within the common insurance coverage enterprise.

Based on the share alternate ratio really helpful by impartial valuers, shareholders of Bharti AXA will obtain two shares of ICICI Lombard for each 115 shares of Bharti AXA. At current, promoter ICICI Bank Ltd holds is 51.89% stake in ICICI Lombard, whereas the remaining is with the general public. After the proposed deal, the promoter stake will come all the way down to 48.11%.

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The Competition Commission of India (CCI) has already authorized the acquisition of the 2 entities whereas approvals request from different involved regulators for the transaction has been utilized. The policyholders ought to profit from an enhanced product suite and deeper buyer connects touchpoints.

Important takeaways for all aggressive exams: 

  • IRDAI Founded: 1999.
  • IRDAI Headquarters: Hyderabad.
  • IRDAI Chairperson: Subhash Chandra Khuntia.

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