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ICICI Lombard stock hits record high on nod to acquire Bharti AXA General Insurance

The share hit all-time high of Rs 1500, rising 3.04% intra day today

twitter-logoBusinessToday.In | December 1, 2020 | Updated 16:49 IST
ICICI Lombard stock hits record high on nod to acquire Bharti AXA General Insurance
ICICI Lombard GIC share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

ICICI Lombard General Insurance Company share price rose to a fresh all-time high today after the company received 'in-principle approval' to acquire Bharti AXA General Insurance. The share hit all-time high of Rs 1500, rising 3.04% intra day today.

ICICI Lombard GIC share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 7.63% in one year and risen 5.89% since the beginning of this year.

In a month, the share has gained 19.04%.

Later, the share closed 1.06% higher at Rs 1471 on BSE. Market cap of the firm rose to Rs 67,848 crore.

The Insurance Regulatory and Development Authority of India (IRDAI) on November 27 gave an in-principle approval to the acquisition of General Insurance business of Bharti AXA General Insurance Company Limited by ICICI Lombard General Insurance Company Limited, the company said in an exchange filing.

Earlier, BSE Limited, National Stock Exchange of India Limited and the Competition Commission of India (CCI) had cleared the proposed acquisition by ICICI Lombard General Insurance Company.

Share Market Highlights: Sensex jumps 505 points, Nifty ends above 13,100; Infosys, ONGC, Airtel top gainers

"Post submission of all the required documents/information, the authority hereby grants 'In-principle' approval under section 35 to 37 read with IRDA Regulations, 2017 for demerger of general insurance business undertaken by Bharti AXA to ICICI Lombard."

Currently, Bharti Enterprises owns 51 percent in Bharti AXA General. The firm has a joint venture with French firm AXA which owns 49 percent stake. After the deal with ICICI Lombard, Bharti and AXA will become public shareholders in the combined entity.

Maenwhile, Sensex ended 505 points higher at 44,655 and Nifty rose 140 points to 13,109

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