ICICI Lombard General Insurance Company on Tuesday hit a one-year-high in its share price Rs. 1,499.90 per share on the National Stock Exchange. On closing, however, it pared some of gains i.e. to say, the stock settled with a gain of 1.63 percent at Rs 1,475 per unit.
The rise comes after the insurance sector watchdog IRDAI cleared the company's merger deal with Bharti AXA General. The Insurance Regulatory and Development Authority of India (IRDAI) on Friday gave in-principle approval for merger or amalgamation 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 percent on a pro forma basis in the non-life business, it added.
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