Cyril Amarchand Mangaldas (“CAM”) acted as sole legal counsel to Carmel Point Investment Ltd, a company incorporated under the laws of Mauritius and owned and managed by Warburg Pincus LLC (“Client” / “Seller”), in relation to the sale of its entire shareholding (constituting approximately 26% of the paid-up share capital) in IndiaFirst Life Insurance Company Limited (“Company”), to BNP Paribas Cardif (“Purchaser”) (“Transaction”).
The Company is a private life insurer registered with the Insurance Regulatory and Development Authority of India (“IRDAI”). The other shareholders of the Company include Bank of Baroda and Union Bank of India.
The Transaction is subject to receipt of regulatory approvals from the IRDAI and the Competition Commission of India (“CCI”), as well as satisfaction of other conditions precedent under the Share Purchase Agreement executed between the Seller, the Purchaser and the Company (“SPA”).
The transaction team was led by Ruetveij Pandya and Jeeta Nayak, Partners; with support from Vishvas Bharadwaj, Principal Associate, Amritya Singh, Swati Narayanan, and Sameer Seshadri, Associates.
Indranath Bishnu, Partner (Head – Insurance); and Anirud Sudarsan R, Partner; with support from Subhalaxmi Hota, Senior Associate; advised on the internal restructuring, insurance law and IRDAI related aspects throughout the transaction.
The legal vendor due diligence on the Company was led by Ruetveij Pandya, Partner; Indranath Bishnu, Partner (Head – Insurance); Jeeta Nayak, Anirban Mohapatra, Bishen Jeswant, Abhilasha Malpani, Anirud Sudarsan R and Krithika Radhakrishnan, Partners; with support from Soumyashree Chowdhury, Subhalaxmi Hota and Nidhi Jhawar, Senior Associates; Kanav Khanna, Adhiraj Vikram Singh, Amritya Singh, Raajash Kulmi, Sanskruti Kulkarni, Abhishek Chandel, Saakshi Tibrewal, Pooja V, Swati Narayanan, Tejas Chhura and Keertesh Tripathi, Associates.
Avaantika Kakkar, Partner (Head – Competition); with support from Anshul Jain, Senior Consultant – Competition Law; advised on the competition law related aspects of the transaction.
Surbhi Pareek, Partner with support from Sunaina Sharma, Associate; advised on the insolvency law related aspects of the transaction.
