Samsung Life, BNP, Norwest, Prudential Plc eye stake in IndiaFirst Life Insurance
Times of India reported that Warburg was planning to sell its stake in a transaction that could value IndiaFirst at more than ₹10,000 crore.Set up in 2009, IndiaFirst offers a range of life insurance products, including term plans, savings and retirement solutions. Its initial shareholders were Bank of Baroda, Andhra Bank, now part of Union Bank of India, and Legal & General Middle East Ltd.In February 2019, Legal & General sold its stake to Carmel Point Investments India Pvt.
Ltd, an affiliate of Warburg Pincus. Following the amalgamation of Andhra Bank into Union Bank of India in April 2020, Bank of Baroda now holds 65% in IndiaFirst, Union Bank owns 9%, and Warburg holds the remaining stake.The insurer had earlier planned to go public in 2022 and had received approval from the Securities and Exchange Board of India the following year, but deferred the listing amid volatile market conditions.
The initial public offering (IPO) remains under consideration, with preparations likely to begin sometime next year, the people cited above said.“There is no thought of any other promoter existing/selling stake along with Warburg. Bank promoters would want to do an IPO and the latest round is like a pre-IPO,” a third person cited above said, adding that the listing could happen in six to 12 months once the company scales up further.
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