On Tuesday, shares of ICICI Lombard General Insurance Company surged 2.6 per cent, following the news of the Competition Commission of India (CCI) to approve its acquisition of Bharti AXA General Insurance.
At 12.50 pm, shares of ICICI Lombard were trading at Rs 1,255.40, 2.5 per cent up from its previous close, while the benchmark index Sensex was 1.3 per cent up at 40303.90. 
Bharti AXA’s general insurance business is a joint venture between Bharti Group and AXA. The Indian group, Bharti with interests in telecom, agriculture and retail business holds 51 per cent in Bharti AXA General Insurance while AXA, a global insurance and asset management company holds the remaining 49 per cent stake in the joint venture. On Monday, the CCI announced the news after market hours.
On August 21, ICICI Group had announced that the company’s board and that of Bharti AXA General Insurance Company has approved o enter into a definitive agreements for demerger of Bharti AXA’s general insurance business into ICICI Lombard General Insurance through a scheme of arrangement.
The shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA, as on the date of approval of the proposal by the two boards.