India Inc India Inc: Tuesday, 15 May 2018 06:55

Blackstone, Warburg vie for Max Financial stake


Global private equity (PE) firms Blackstone Group LP and Warburg Pincus Llc are in separate talks to invest in India’s Max Financial Services Ltd for a minority stake.

Max Financial Services, led by billionaire Analjit Singh, is raising money to finance a potential acquisition by its life insurance unit Max Life Insurance Co. Ltd.

Both PE funds have expressed interest in the investment, but it is subject to Max Life making an acquisition for which funds will be needed.

In April, Max Financial had said its board has approved mobilisation of funds from KKR Capital Markets India Pvt. Ltd, TPG Global Llc and Standard Chartered Bank to finance an acquisition opportunity by Max Life.

While the company did not disclose the amount it would raise, it had said the fundraise was well within the limit approved by its board. Its board has approved fundraising through both equity and debt up to Rs 5,000 crore ($0.78 billion) for investment in the life insurance business.

India Investment Journal’ has in-depth coverage on related topics.

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