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Andhra Bank planning to sell stake in IndiaFirst

Andhra Bank may sell its 30% stake in IndiaFirst Life Insurance Company in full or in part to raise Rs 900 crore. News reports said existing investor Warburg Pincus is one of the suitors for the stake. It had acquired a 26% stake in IndiaFirst Life Insurance from UK-based Legal & General Group in June 2018 for Rs 710 crore, valuing the insurer at Rs 2900 crore. It had bought the stake after the insurance regulator allowed private equity firms to become promoters of insurance companies. Bank of Baroda owns 44% of IndiaFirst, while Andhra Bank holds 30%. Warburg Pincus can buy a 23% stake on top of the 26% it currently owns – the limit for foreign direct investment in insurance is now 49%. This will make the US PE firm the largest shareholder in India First Life Insurance.

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