Cyril Amarchand Mangaldas and Talwar Thakore & Associates have represented Bharti AXA General Insurance and Bharti General Ventures on the demerger of Bharti AXA’s general insurance business with ICICI Lombard General Insurance, which was counselled by AZB & Partners.
As part of the transaction, ICICI Lombard will issue 44.85 billion rupees ($607 million) worth of equity shares to Bharti AXA’s shareholders. entirely in the form of ICICI Lombard shares. At present, promoter ICICI Bank holds 51.89 percent stake in ICICI Lombard, while the rest is with the public. After the proposed deal, promoter stake will come down to 48.11 percent, according to Mint.
The CAM team was led by partners Shishir Vayttaden, Dhruv Singhal, Indranath Bishnu, Avaantika Kakkar, Vijay Pratap Singh Chauhan and Komal Gupta.
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