Cyril Amarchand Mangaldas (”CAM“) acted as legal counsels to QBE Holdings (AAP) Pty Ltd (”QBE“) in connection with the acquisition of the entire shareholding of Prism Johnson Limited (”Prism“) in Raheja QBE General Insurance Company Limited (”Company“), representing 51% of the equity share capital of the Company. Upon Closing, QBE, and its affiliates, shall hold 100% of the share capital of the Company. shall The Closing of the transaction is subject to IRDAI approval and other customary conditions precedent.
CAM’s scope of work involved advising on Indian legal and regulatory framework in relation to 100% foreign shareholding in an Indian insurance company, including the foreign exchange regulations, drafting and advising on the SPA and general advisory in relation to required regulatory approvals for the proposed transaction in India.
This is the first transaction involving 100% foreign direct investment in an Indian insurance company since the FDI limits were liberalised earlier this year.
The transaction team was led by Indranath Bishnu, Partner; with the assistance from Anirud Sudarsan R, Principal Associate; and Shravan Belsare, Senior Associate; and Raajash Kulmi and Saakshi Tibrewal, Associates.