Warburg Pincus explores sale of IndiaFirst Life stake – report [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
The discussions are said to imply a valuation of more than Rs100bn ($1.1bn) for the Mumbai-based insurer, The Times of India has reported. The stake is held via Warburg Pincus affiliate Carmel Point Investments India. A range of potential buyers are understood to have shown interest, including strategic investors and private equity firms. The process follows a previously planned initial public offering (IPO) that was put on hold due to market volatility. Warburg Pincus agreed in June 2018 to acquire the full 26% shareholding of Legal & General and completed the purchase in early 2019. Legal & General had been a promoter from IndiaFirst Life's launch in 2010 and exited as part of a shift in focus to other markets. Reported parties reviewing the opportunity include Prudential and BNP Paribas, along with private equity funds and at least one South Korean life insurer conducting due diligence. Market reference points have included the listing of Canara HSBC Life. Attentio
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