Global private equity major KKR & Co has signed a definitive agreement to acquire a 9.99% stake in Shriram General Insurance taking forward the Shriram Group’s plan to spin its insurance business into a separate entity.

 

AZB & Partners advised KKR in its acquisition of 9.99% of the share capital of Shriram General Insurance. The AZB & Partners team consisted of Partners, Ashwath Rau, Kashish Bhatia and Arvind Ramesh and Senior Associate, Chitrangda Singh.

 

“The equity dilution of 9.99% stake in the company bought by KKR was for a consideration of nearly Rs 1,800 crore ($237 million) at an enterprise value of Rs 18,000 crore,” confirmed Anil Kumar Aggarwal, Managing Director and CEO of Shriram General Insurance. KKR would also get a Board seat with the acquisition.

 

KKR’s investment will help Shriram General Insurance’s continued expansion into new segments and investment in its digital capabilities to meet the evolving needs and preferences of Indian consumers, Shriram Group said in a statement.

 

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