ICICI Lombard General Insurance has said it has entered into a definitive agreement to acquire Bharti Enterprises-promoted Bharti AXA General Insurance in all stock transaction. Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance, while French insurer AXA has 49 per cent. The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors", the ICICI Bank promoted non-life insurer said in a late night filing on Friday.
Post demerger, Bharti AXA General Insurance will cease to be a going concern and both Bharti Enterprises and AXA will exit non-life business.
No comments:
Post a Comment