BNP Paribas Cardif has agreed to acquire Warburg Pincus’ 25.96% stake in IndiaFirst Life Insurance, marking the French insurer’s re-entry into India’s life insurance market after nearly five years.
The transaction, subject to regulatory approvals, values the Bank of Baroda-controlled insurer at around ₹10,000 crore, according to people familiar with the matter.
In a stock exchange filing on late Friday, Bank of Baroda said Carmel Point Investments India, Warburg Pincus’ investment vehicle, has executed a share purchase agreement to transfer its 25.96% stake in IndiaFirst Life Insurance to BNP Paribas Cardif.
The bank said there would be no change in its shareholding or controlling interest in the insurer.
Following the transaction, Bank of Baroda will hold 65% in IndiaFirst Life, BNP Paribas will hold 26%, and Union Bank of India 9%. Bank of Baroda will continue to retain management control after the transaction.
Source: Economic Times