INSUBCONTINENT EXCLUSIVE:
stake in IndiaFirst Life Insurance Co
Ltd, people aware of the development said
The board of IndiaFirst is meeting on Thursday to approve the deal with Warburg.
According to the people, Warburg will pay about Rs.710
crore ($105 million) for 26 per cent stake owned by Legal and General Group Plc
IndiaFirst is a joint venture between Bank of Baroda Ltd, which owns a 44 per cent stake, Andhra Bank, which holds 30 per cent, and Legal
IndiaFirst Life sells products such as term plans, savings, education and retirement plans
Mumbai based investment bank Ambit Corporate Finance Pvt
Ltd has advised Legal and General Group on the sell out process.
Others who were in race include General Atlantic LLC, Ergo International
be immediately reached for comments
Warburg has a wide exposure in Indian financial services space with its investments in AU Financiers and Capital First Ltd
Global PE investors has been keen on Indian insurance sector for last couple of years, especially after the successful listing of leading
insurance firms last year
Ltd and HDFC Standard Life Insurance Co
The Rs8,364 crore IPO of SBI Life Insurance was subscribed 3.57 times.
Last year also saw insurance IPOs such as General Insurance Corp
of India (Rs11,175 crore), New India Assurance Co
Ltd (Rs9,466.9 crore), HDFC Standard Life Insurance Co
Ltd (Rs8,695 crore) and SBI Life Insurance Co
