{"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":"

    DEAL DETAILS     Axis New Opportunities AIF – I | Sale of entire stake in SBI General Insurance   <\/p>\n","protected":false},"author":8808,"featured_media":281120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[54244,54242,53672,54247,6791,54246,54245,54243],"class_list":["post-281109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-announcement-date","tag-axis-new-opportunities","tag-deal-description","tag-iifl-entities","tag-khaitan-co","tag-lead-lawyers","tag-other-legal-advisors","tag-seller-details"],"yoast_head":"\nKhaitan & 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 | SCC Times<\/title>\n<meta name=\"description\" content=\"Axis New 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Axis Growth Avenues AIF \u2014 I | Investment in Gopal Snacks Limited Khaitan & Co advised Axis Growth Avenues AIF \u2014 I (an Axis AMC entity) in its investment in Gopal Snacks Limited (\u201cCompany\u201d), for an equity stake through secondary purchase. The Company is in the business of\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Axis Growth Avenues AIF","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Axis-Growth-Avenues-AIF.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Axis-Growth-Avenues-AIF.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Axis-Growth-Avenues-AIF.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Axis-Growth-Avenues-AIF.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":263850,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/17\/khaitan-co-advises-axis-new-opportunities-aif-i-axis-in-its-investment-in-girnar-software-private-ltd\/","url_meta":{"origin":281109,"position":3},"title":"Khaitan & Co advises Axis New Opportunities AIF \u2013 I (\u201cAxis\u201d) in its investment in Girnar Software Private Ltd","author":"Bhumika Indulia","date":"March 17, 2022","format":false,"excerpt":"Khaitan & Co advised Axis New Opportunities AIF \u2013 I (\u201cAxis\u201d) in its investment in Girnar Software Private Limited (doing business as 'Care Dekho'). Axis New Opportunities AIF - 1 | Series E investment in Girnar Software Private Limited NO HEADINGS DETAILS 1. Sector IT and ITES 2. Announcement Date\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-85.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-85.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-85.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-85.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-85.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":313670,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/10\/khaitan-co-advises-axis-growth-avenues-aif-i-in-acquisition-of-stake-in-national-stock-exchange-of-india-limited\/","url_meta":{"origin":281109,"position":4},"title":"Khaitan & Co advises Axis Growth Avenues AIF – I in acquisition of stake in National Stock Exchange of India Limited","author":"Bhumika Indulia","date":"February 10, 2024","format":false,"excerpt":"DEAL DETAILS Axis Growth Avenues AIF \u2014 I | Acquisition of stake in National Stock Exchange of India Limited Khaitan & Co advised Axis Growth Avenues AIF \u2014 I (an Axis AMC entity) in acquisition of stake in National Stock Exchange of India Limited (\"Company\"), by way of purchase of\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"National Stock Exchange","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":270986,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/01\/khaitan-co-obtains-ccis-unconditional-approval-for-citibanks-consumer-business-acquisition-by-axis-bank-ltd\/","url_meta":{"origin":281109,"position":5},"title":"Khaitan & Co obtains CCI’s unconditional approval for Citibank\u2019s Consumer Business acquisition by Axis Bank Ltd","author":"Bhumika Indulia","date":"August 1, 2022","format":false,"excerpt":"Axis Bank Limited - Competition Commission of India's unconditional approval for acquisition of Citibank\u2019s Consumer Business. Khaitan & Co Competition\/ Antitrust team successfully obtained the Competition Commission of India's unconditional approval for the transaction in record time. This is one of the largest deals in India's financial services space, and\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-387.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-387.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-387.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-387.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-387.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=281109"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/281120"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=281109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=281109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=281109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}