Alliance Insurance Brokers looks to raise Rs.900-Cr via minority stake sale

Mumbai-based Alliance Insurance Brokers has initiated a process to raise between INR 800 crore and INR 900 crore through a mix of primary and secondary share sales. The transaction involves the sale of a 30% minori ty stake to institutional investors. O3 Capital has been appointed as the advisor to the transaction. The capital raise will also facilitate an exit for the existing investor, Access Asset Managers.Founded in 2003 by SV Thakkar, the company provides insurance solutions, claims management, insurance audits, and renewal reviews. Currently led by CEO Aatur Thakkar, it plans to use the new funds to increase its presence in tier 2 and 3 cities in India and expand its reinsurance footprint in West Asia and Africa.