Samsung Life, BNP, Norwest, Prudential Plc eye stake in IndiaFirst Life Insurance

Key Highlights

• The entire price discovery will be based on the 26% sale, and it will be only secondary.
• There will be no primary infusion as the company does not need capital now,” a second person said, adding that this will likely be a pre-listing round to set the valuation benchmark. Also Read | IDFC First Bank to raise ₹7,500 crore from Warburg Pincus, ADIAEarlier today, the 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.