ICICI Lombard to acquire Bharti Axa General Insurance; stock slips over 1%

ICICI Lombard said Bharti AXA's existing distribution partnerships should help it increase its distribution strength.

Shares of ICICI Lombard General Insurance Company slipped over 1 per cent on the BSE on Monday after the company inked definitive pact with Bharti AXA to combine their business. The latter’s business is to be demerged into the former’s through a scheme of arrangement under which the shareholders of Bharti AXA would receive two shares of Lombard for every 115 shares held by them. 

At 11:16 AM, the stock was trading 0.88 per cent lower at Rs 1,275.25. In comparison, the S&P BSE Sensex was trading nearly 0.5 per cent higher at 38,613.66 levels. 

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