The meeting of the companies held on Sunday signed the final agreement.
The companies agreed to merge with swap ratio of 1:1.
At present, IME General has paid-up capital of Rs 1.70 billion and Prudential Insurance has paid-up capital of Rs 1.22 billion. The joint entity of the companies will have paid-up capital of Rs 2.92 billion.
As per the agreement, the joint entity will be named IGI Prudential Insurance.
The SGM of both companies are set to approve the merger proposal.
