New Delhi: General Insurance Company ICICI Lombard on Friday said Irdai sectoral regulator has given its last approval for the General Insurance General Insurance Business Demerger Bharti AXA for itself with the settings scheme.
“In this case, the company on September 3, 2021 has received a letter from Irdai to give final approval in the proposed scheme,” said ICICI Lombard in the submission of regulations.
The designated date for this scheme is April 1, 2020.
“Demerger and public insurance business transfer, as expected in the scheme, will be effective within 3 days from the date of the final approval,” the insurance company said.
Furthermore, he said the Indian Insurance Arrangement and Development Authority (Irdai) had also given approval to ICICI Bank for reducing his ownership in ICICI Lombard to 30 percent, subject to insurance, 1938 and applicable regulations.
Irdai, in its order, said he gave final approval for general insurance business demerger Bharti AXA General Insurance Co.
Ltd to ICICI LOMBARD General Insurance Co.
Ltd by means of a setting scheme.
Last year, Icici Lombard signed a definitive agreement to acquire General Insurance Bharti Axa Bharti which was promoted in transactions all stocks.
Based on the ratio of stock exchanges recommended by independent assessors and received by the Second Corporate Board, Bharti AXA shareholders will receive two shares of Icici Lombard for every 115 shares of Bharti AXA held by them.
Bharti Enterprises currently has 51 percent of the shares in General Insurance Bharti AXA, while the French insurance company AXA has 49 percent.
Post Demerger, General Insurance Bharti AXA will stop being concerned and either Bharti Enterprises and AXA will come out of non-life businesses.