Bank of Baroda (BSE:532134) agreed to acquire additional 21% stake in IndiaFirst Life Insurance Company Limited from Andhra Bank on February 11, 2022. On conclusion of this stake sale process, the revised shareholding in IndiaFirst Life Insurance Company Limited will be Bank of Baroda-65%, Carmel Point Investments India Pvt Ltd-26% and Union Bank of India- 9%. IndiaFirst Life Insurance Company Limited will continue to have long term agency distribution agreement with both Banks (BOB and UBI), even after this stake sale. consequent upon receiving approvals from the respective Boards of both Banks, it has been decided by Bank of Baroda to acquire the 21% stake of Union Bank of India in IndiaFirst Life Insurance Company Limited, subject to receiving all statutory and regulatory approvals. Transaction is expected to complete on March 31, 2022. As of March 31, 2022. Bank of Baroda has received the regulatory approvals.

Bank of Baroda (BSE:532134) completed the acquisition of an additional 21% stake in IndiaFirst Life Insurance Company Limited from Andhra Bank for INR 7.66 billion on March 31, 2022.