Warburg Pincus may buy Andhra Bank's 20.5% stake in IndiaFirst, says report
Deal could be valued at Rs 700 cr; Analysts say this could be seen as a direct impact of the recently-announced mega-mergers of 10 state-run banks into four
BS Reporter |
Last Updated at September 16, 2019 12:54 IST
Private equity firm Warburg Pincus, which already owns a 26 per cent stake in IndiaFirst Life Insurance, is looking to buy another 20.5 per cent stake in the insurer from Andhra Bank, The Economic Times has reported.
is in talks to buy a 20.5 per cent stake in IndiaFirst Life Insurance
from Andhra Bank… Andhra Bank
is looking to sell a partial stake in the company,” a person familiar with the deal was quoted as saying in the report. The deal, if finalised, will help Andhra Bank
earn up to Rs 700 crore, said sources who were quoted in the report.
Analysts say this could be seen as a direct impact of the recently-announced mega-mergers of 10 state-run banks into four. Currently, state-run lenders Bank of Baroda owns 44 per cent and Andhra Bank
30 per cent in the life insurer.
Carmel Point Investments India, a Mauritius-based company owned by private equity funds that Warburg Pincus
LLC manages, bought 26 per cent stake in IndiaFirst for Rs 710 crore in February, valuing the company at Rs 2,800 crore, said the report.
First Published: Mon, September 16 2019. 12:48 IST