Private Equity

PE-RE Fund Investments

IIFL funds acquire Axis AIF's 1.27% stake in SBI General Insurance for Rs.350-Cr

Economic Times  

Axis Alternative Investment Fund (AIF) has sold its 1.27% stake in SBI General Insurance Co to two entities of IIFL Alternative Investment Funds for about INR 350 crore. The privately placed deal marks the full divestment of Axis AIF's 1.65% stake in the insurer. Axis AIF bought the shares in September 2018 for about INR 200 crore through Axis New Opportunities Fund AIF-I. The first leg of the sale - the sale of 0.38% to Avendus Future Leaders Fund - happened earlier. In the second leg, two entities of IIFL AIF - IIFL India Private Equity Fund-Series 1A and IIFL Special Opportunities Fund- Series 9 - bought out the remaining stake. The full divestment value is about INR 450-475 crore. Centrum Capital advised on the deals.