{"id":277164,"date":"2022-11-10T18:30:36","date_gmt":"2022-11-10T13:00:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=277164"},"modified":"2022-11-10T18:30:36","modified_gmt":"2022-11-10T13:00:36","slug":"khaitan-co-advises-mahindra-finance-on-proposed-acquisition-of-20-of-the-share-capital-of-mahindra-insurance-brokers-limited-by-mahindra-finance","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/11\/10\/khaitan-co-advises-mahindra-finance-on-proposed-acquisition-of-20-of-the-share-capital-of-mahindra-insurance-brokers-limited-by-mahindra-finance\/","title":{"rendered":"Khaitan &#038; Co advises Mahindra Finance on proposed acquisition of 20% of the share capital of Mahindra Insurance Brokers Limited by Mahindra Finance"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">&#160; &#160;<\/p>\n<table style=\"border-bottom-style: none; border-left-style: none; border-right-style: none; border-collapse: collapse; border-top-style: none; margin-left: 0.0mm; margin-right: auto; table-layout: fixed; width: 200.43mm;\">\n<colgroup>\n<col width=\"2\"\/>\n<col width=\"756\"\/><\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-style: hidden; border-bottom-color: #000000; border-left-style: hidden; border-left-color: #000000; border-right-style: hidden; border-right-color: #000000; border-top-style: hidden; border-top-color: #000000; padding-bottom: 0.0mm; padding-left: 0.0mm; padding-right: 0.0mm; padding-top: 0.0mm; vertical-align: top; width: 0.51mm;\">\n&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-style: hidden; border-bottom-color: #000000; border-left-style: hidden; border-left-color: #000000; border-right-style: hidden; border-right-color: #000000; border-top-style: hidden; border-top-color: #000000; padding-bottom: 0.0mm; padding-left: 0.0mm; padding-right: 0.0mm; padding-top: 0.0mm; vertical-align: top; width: 199.91mm;\">\n<p style=\"margin-bottom: 1.06mm; margin-top: 1.41mm;\"><span style=\"font-weight: bold;\">Mahindra and Mahindra Financial Services Limited and Mahindra Insurance Brokers Limited | Proposed acquisition by Mahindra and Mahindra Financial Services Limited of 20% of Mahindra Insurance Brokers Limited<\/span><\/p>\n<table style=\"border-bottom-style: none; border-left-style: none; border-right-style: none; border-collapse: collapse; border-top-style: none; margin-left: 0.16mm; margin-right: auto; table-layout: fixed; width: 198.84mm;\">\n<colgroup>\n<col width=\"46\"\/>\n<col width=\"178\"\/>\n<col width=\"527\"\/><\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">NO<\/span><\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">HEADINGS<\/span><\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">DETAILS<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">1.<\/p>\n<p>&nbsp;\n <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Sector<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\"> Insurance; Insurance Broking<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">2.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Announcement Date<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">21-Oct-2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">3.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Name of Client<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra and Mahindra Financial Services Limited (Acquirer) and Mahindra Insurance Brokers Limited (Target)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">4.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Acquirer Details<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra and Mahindra Financial Services Limited | India<\/p>\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra &amp; Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India&#39;s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 7.3 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier provides loans to SMEs and offers fixed deposits. The Company has 1,388 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country. Mahindra Finance has been ranked 54th among India&#39;s Best Companies to Work 2021 by the Great Place to Work Institute.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">5.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Target Details<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra Insurance Brokers Limited | India<\/p>\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra Insurance Brokers Limited (MIBL), licensed in 2004, is a subsidiary of Mahindra &amp; Mahindra Financial Services Limited and part of the USD 19.4 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), Mahindra Insurance Brokers is a one-stop-shop for insurance solutions. The Company provides direct insurance broking for Corporates, Small &amp; Medium Enterprises, Retail customers, and a range of products for Life and Non-Life Insurance. It also offers risk management services, portfolio management, and claims management services. Mahindra Insurance Brokers helps in the protection of health, wealth, and life in the under-served markets, by providing innovative insurance solutions to over 3,00,000 villages. Mahindra Insurance Brokers also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 40 countries. Mahindra Insurance Brokers is the World&#8217;s First Company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM&reg;), demonstrating its focus on implementing world class best practices with respect to the management and development of its workforce. Mahindra Insurance Brokers has been ranked at #10 in &#8220;India&#8217;s Top 100 Best Companies to Work For &#8211; 2020&#8243; and &#8220;Best in Insurance&#8221; by Great Place to Work&reg; Institute.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">6.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Deal Description<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\"><span>Mahindra and Mahindra Financial Services Limited proposes to acquire 20% of the share capital of Mahindra Insurance Brokers Limited which is currently held by Inclusion Resources Private Limited (a downstream subsidiary of AXA XL). The proposed acquisition is subject to IRDAI&#39;s approval and upon completion, Mahindra Insurance Brokers Limited will become a wholly owned subsidiary of Mahindra and Mahindra Financial Services Limited.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">7.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Total Consideration<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">INR 2,06,39,17,856 (USD 24.9m)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">8.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Team Members<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">The transaction team consisted of Bhavik Narsana (Partner) and Saswat Subasit (Partner) along with Rutvi Shrimankar (Senior Associate) and Aishwarya Singh (Associate).<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.17mm;\">\n<p style=\"text-align: center;\">9.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 47.15mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Role of the Firm<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 139.51mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Advising Mahindra and Mahindra Financial Services Limited and Mahindra Insurance Brokers Limited on the transaction documents relating to the proposed acquisition of 20% of the share capital of Mahindra Insurance Brokers Limited by Mahindra and Mahindra Financial Services Limited from Inclusion Resources Private Limited (a downstream subsidiary of AXA XL), including the share purchase agreement and other ancillary documents.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#160; 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