IRDAI's in-principle approval for stake sale in IndiaFirst Life Insurance

Business Standard sent an email query to Warburg Pincus and will update the article as and when replies are received

The insurance regulator has given an in-principal approval for the stake sale in IndiaFirst Life Insurance Company, by the UK-based Legal and General Group to private equity firm Warburg Pincus LLC, two sources confirmed the development.

IndiaFirst is a joint-venture between Bank of Baroda (44 per cent shareholding), Andhra Bank (30 per cent) and Legal and General. In June this year, Legal and General announced that they would sell their 26 per cent stake in the life insurer to Warburg Pincus for Rs 7.1 billion.

A source in the knowledge of the matter confirmed the receipt of the in-principal approval