IndiaFirst gets Rs 150-cr capital infusion

IndiaFirst Life Insurance Company received a capital infusion of Rs 150 crore from its three promoters, Bank of Baroda, Andhra Bank and Legal & General in line with their share-holding pattern. The three promoter entities hold 44 per cent, 30 per cent and 26 per cent stake in the company respectively. The new round of capital infusion takes the total share capital to Rs 625 crore, according to a press release.

Launched in November 2009, IndiaFirst has so far covered over 9.5 million lives and has over Rs 8,160 crore asset under its management (AUM) as on June 30, 2015. The additional capital will be used to leverage innovations and fuel business growth, said managing director and CEO R M Vishakha.