SNG & Partners Advised Patanjali Ayurved To Acquire Stake In Magma General Insurance
SNG & Partners Advised Patanjali Ayurved To Acquire Stake In Magma General Insurance
The transaction reinforces Baba Ramdev’s brand’s expansion into the financial services sector.
Leading law firm, SNG & Partners has advised Indian multinational conglomerate Patanjali Ayurved Ltd in negotiating a Share Purchase Agreement (SPA) to acquire a majority stake of 73.555 percent in Magma General Insurance (formerly Magma HDI General Insurance Co Ltd).
Meanwhile, DS Group is acquiring the company’s remaining 24.5 percent equity shares. The stake sale has valued the company at Rs.4,500 crore.
Before the acquisition, the majority shareholders of Magma General Insurance were Sanoti Properties LLP, Celica Developers Private Limited, and Jaguar Advisory Services Private Limited.
The transaction is a significant milestone in the insurance sector, reinforcing Patanjali’s expansion into the financial services sector.
The SNG & Partners team’s expertise and strategic advisory played a crucial role in successfully navigating the complex negotiations and regulatory processes of the transaction.
The team was led by Ravi Bhadani (Partner), with support from Niharika Dungrakoti (Senior Associate), Ayushi Parnami (Senior Associate), Mohit Goyal (Associate), and Tripti Sharan (Associate).
