New Delhi, Dec 1: Shares of ICICI Lombard General Insurance Company gained over 3 per cent in early trade on Tuesday after the insurance sector watchdog Irdai cleared the company’s merger deal with Bharti AXA General.
The shares of ICICI Lombard were trading 2.84 per cent higher at Rs 1,497.10 on the BSE.
On the NSE, it jumped by 3.11 per cent to Rs 1,496.50.
Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard.
ICICI Lombard is progressing applications for receipt of requisite approvals from other concerned regulators for the transaction, the insurance company said in a regulatory filing.
Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business, it added. (PTI)
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