Warburg Pincus may buy Andhra Bank's 20.5% stake in IndiaFirst, says report

Deal could be valued at Rs 700 cr; Analysts say this could be seen as a direct impact of the recently-announced mega-mergers of 10 state-run banks into four

Private equity firm Warburg Pincus, which already owns a 26 per cent stake in IndiaFirst Life Insurance, is looking to buy another 20.5 per cent stake in the insurer from Andhra Bank, The Economic Times has reported.

“Warburg Pincus is in talks to buy a 20.5 per cent stake in IndiaFirst Life Insurance from Andhra Bank… Andhra Bank is looking to sell a partial stake in the company,” a person familiar with the deal was quoted as saying in the report. The deal, if finalised, will help Andhra Bank earn up to Rs 700