{"id":281109,"date":"2023-01-05T18:30:06","date_gmt":"2023-01-05T13:00:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=281109"},"modified":"2023-01-05T16:29:22","modified_gmt":"2023-01-05T10:59:22","slug":"khaitan-co-advises-axis-new-opportunities-aif-i-on-the-sale-of-its-entire-stake-in-sbi-general-insurance-company-limited-company-to-two-entities-of-iifl","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/05\/khaitan-co-advises-axis-new-opportunities-aif-i-on-the-sale-of-its-entire-stake-in-sbi-general-insurance-company-limited-company-to-two-entities-of-iifl\/","title":{"rendered":"Khaitan & Co advises Axis New Opportunities AIF-I on the sale of its entire stake in SBI General Insurance Company Limited (“Company”) to two entities of IIFL"},"content":{"rendered":"
\n

   <\/p>\n

DEAL DETAILS<\/p>\n

   <\/p>\n\n\n\n<\/colgroup>\n\n\n
\n

Axis New Opportunities AIF – I | Sale of entire stake in SBI General Insurance<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

   <\/p>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

NO<\/p>\n<\/td>\n

\n

HEADINGS<\/p>\n<\/td>\n

\n

DETAILS<\/p>\n<\/td>\n<\/tr>\n

\n

1.<\/p>\n<\/td>\n

\n

Sector<\/p>\n<\/td>\n

\n

Insurance<\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/p>\n<\/td>\n

\n

Announcement Date<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

3.<\/p>\n<\/td>\n

\n

Completion Date<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

4.<\/p>\n<\/td>\n

\n

Name of Client<\/p>\n<\/td>\n

\n

Axis New Opportunities AIF – I<\/p>\n<\/td>\n<\/tr>\n

\n

5.<\/p>\n<\/td>\n

\n

Seller Details<\/p>\n<\/td>\n

\n

Axis New Opportunities AIF – I | India<\/p>\n

Axis New Opportunities AIF-I (“Axis”) is a scheme of Axis Alternative Investment Fund, a Securities and Exchange Board of India registered Category II Alternative Investment Fund. Axis investment manager is Axis Asset Management Company Limited, a public limited company incorporated under the Companies Act 1956.<\/p>\n<\/td>\n<\/tr>\n

\n

6.<\/p>\n<\/td>\n

\n

Deal Description<\/p>\n<\/td>\n

\n

Advised Axis New Opportunities AIF-I on the sale of its entire stake in SBI General Insurance Company Limited (“Company”) to two entities of IIFL namely IIFL India Private Equity Fund – Series 1A and IIFL Special Opportunities Fund – Series 9 (“IIFL Entities”). The Company is certified by the IRDAI to carry on general insurance business in India.<\/p>\n<\/td>\n<\/tr>\n

\n

7.<\/p>\n<\/td>\n

\n

Total Consideration<\/p>\n<\/td>\n

\n

USD 42 million<\/p>\n<\/td>\n<\/tr>\n

\n

8.<\/p>\n<\/td>\n

\n

Team Members<\/p>\n<\/td>\n

\n

The core team consisted of Vineet Shingal (Partner), Saloni Mehta (Senior Associate), Pritali Patil (Senior Associate) and Bimbita Kateel (Associate) with inputs from Harsh Khemka (Principal Associate) on the insurance aspects.<\/p>\n<\/td>\n<\/tr>\n

\n

9.<\/p>\n<\/td>\n

\n

Role of Firm<\/p>\n<\/td>\n

\n

Assisted Axis on the drafting of the (a) share purchase agreements for the sale of Axis’ stake in the Company to the IIFL Entities; and (b) cover letter to the Insurance Regulatory and Development Authority of India, in relation to the transfer of shares of the Company from Axis to the IIFL Entities.<\/p>\n<\/td>\n<\/tr>\n

\n

10.<\/p>\n<\/td>\n

\n

Financial Advisors<\/p>\n<\/td>\n

\n

Ernst and Young<\/p>\n<\/td>\n<\/tr>\n

\n

11.<\/p>\n<\/td>\n

\n

Other legal advisors if any with names of Lead Lawyers<\/p>\n<\/td>\n

\n

Shardul Amarchand Mangaldas for SBI General Insurance Company Limited and Jerome Merchant + Partners (Sameer Sibal) for IIFL India Private Equity Fund – Series 1A and IIFL Special Opportunities Fund – Series 9<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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