PE firm Warburg Pincus is planning to buy 20.5% stake in IndiaFirst Life Insurance from Andhra Bank, which is said to be proposing to sell part of its stake in the insurance venture. The bank is now in the process of its merger with Union Bank of India and Corporation Bank. The PE firm already owns 26% stake in the joint venture insurance company. The deal may bring in around Rs 700 crore to the bank. Warburg Pincus-managed, Mauritius-based PE funds firm Carmel Point Investments India had bought the 26% stake in IndiaFirst for Rs 710 crore in February 2019.
