Latest News | ICICI Lombard General Insurance Shares Rise over 3 Pc

New Delhi, Dec 1 (PTI) 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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)