Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to IndiaFirst Life Insurance Company Limited in connection with the proposed acquisition by BNP Paribas Cardif of a 25.96% equity stake in the company from Carmel Point Investment Limited (CPIL), a part of the Warburg Pincus Group. The proposed transaction is subject to receipt of customary regulatory approvals, including approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and the Competition Commission of India (CCI).

The transaction involved a unique pre-closing restructuring exercise, wherein Carmel Point India Investments Limited, a wholly owned special purpose vehicle of CPIL, underwent voluntary liquidation, followed by an in specie distribution of its assets, including its shareholding in IndiaFirst Life Insurance Company Limited, to its parent entity as a condition precedent to the proposed acquisition.

The transaction team was led by Partner, Shailaja Lall, supported by Suhaas Arora (Senior Associate), Nidhi Lakhotia (Associate) and Aviral Bhardwaj (Associate).