AXA Group exits ICICI Lombard

Societe Beaujoon on Tuesday (5 October 2021) offered a 3.85% stake within the insurer by a wholesale deal.

Société Beauzon on Tuesday (October 5, 2021) offered its complete stake of 1.75 crore shares (3.85%) in ICICI Lombard Common Insurance coverage at Rs 1,540.13 per share, based on wholesale deal information on BSE.

Société Beaujon is the funding holding firm of the AXA Group, a French multinational insurance coverage agency.

ICICI Lombard Common Insurance coverage and erstwhile Bharti AXA Common Insurance coverage had entered into definitive agreements, during which the final insurance coverage enterprise of erstwhile Bharti AXA was demerged into ICICI Lombard. The transaction turned efficient on 8 September 2021 after acquiring obligatory approvals from the Nationwide Firm Legislation Tribunal (NCLT) and the Insurance coverage Regulatory and Improvement Authority of India (IRDAI).

The erstwhile Bharti AXA Common Insurance coverage was a three way partnership between the erstwhile Bharti Enterprises and AXA, with the erstwhile Bharti Enterprises holding a 51% stake and the AXA Group holding a 49% stake.

ICICI Lombard’s web revenue declined 61.9% to Rs 151.63 crore in Q1 FY22 on a 20% improve in whole earnings in Q1 FY21.

ICICI Lombard is without doubt one of the largest personal sector basic insurance coverage corporations in India by gross direct premium. Its father or mother ICICI Financial institution holds a 48.1% stake within the firm as of 23 September 2021.

Shares of ICICI Lombard rose 0.17% to Rs 1550.85. The inventory has hit a excessive of Rs 1562 and a low of Rs 1546.45 to date.

operated by Capital Markets – Dwell Information

(This story has not been edited by Enterprise Normal workers and is mechanically generated from a syndicated feed.)

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