Cyril Amarchand Mangaldas advised Aditya Birla Health Insurance on fundraise from ADIA
Cyril Amarchand Mangaldas advised Aditya Birla Health Insurance on fundraise from ADIA
Cyril Amarchand Mangaldas advised and assisted Aditya Birla Health Insurance Company Limited (ABHI), and the promoter Aditya Birla Capital Limited on INR 665 crore fundraise from Abu Dhabi Investment Authority (ADIA), one of the major sovereign wealth funds in the world. ABHI is a joint venture between Aditya Birla Group and South Africa-based Momentum Metropolitan Holdings.
Cyril Amarchand Mangaldas advised and assisted ABHI and its promoter Aditya Birla Capital Limited on the due diligence, review, and finalization of the transaction documents. The transaction team was led by Indranath Bishnu, Partner; with support from Niyati Dholakiya, Senior Associate; Shaleen Tiwary, Senior Associate Designate; Soumyaditya Dasgupta, Associate and Shravan Belsare, Associate.
The vendor due diligence exercise was led by Pranjita Barman, Partner; with support from Niyati Dholakiya, Senior Associate; Ila Vyas, Senior Associate; Soumyaditya Dasgupta, Associate; Ayushi Agarwal, Associate and Shravan Belsare, Associate.
Ankita Ray, Partner; with support from Mansi Mantoo, Principal Associate and Soumyashree Chowdhury, Associate advised on the employment aspects of the vendor due diligence.
As a part of the transaction, ADIA will infuse infused INR 665 crores in ABHI through a primary issuance for a 9.99% minority stake. The completion of the transaction is subject to statutory and regulatory approvals including approval from the Insurance Regulatory and Development Authority of India.
The transaction was signed on August 11, 2022.
