ICICI Lombard General Insurance shares hit 52-week high on bourses, close with over 1 pc gain

Shares of ICICI Lombard General Insurance Company on Tuesday closed with over 1 per cent gain after hitting its 52-week high levels on the bourses after the insurance sector watchdog Irdai cleared the company's merger deal with Bharti AXA General.

Shares of ICICI Lombard General Insurance Company on Tuesday closed with over 1 per cent gain after hitting its 52-week high levels on the bourses after the insurance sector watchdog Irdai cleared the company's merger deal with Bharti AXA General. Shares of ICICI Lombard touched its 52-week high of Rs 1,500 on BSE during the day. It, however, pared some of its gains to close 1.06 per cent higher at Rs 1,471.20.

Similarly, on the NSE, the scrip touched its 52-week high of Rs 1,499.90. It settled with a gain of 1.63 per cent at Rs 1,475. The Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for merger 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 per cent on a pro forma basis in the non-life business, it added.