Real estate giant DLF Ltd has agreed to sell its 74 per cent stake in DLF Pramerica Life Insurance Company Ltd, to Dewan Housing Finance Corporation Ltd and its group entities for Rs. 220 crore ($37 million), reports ET..DLF Pramerica Life Insurance is a 74:26 joint venture, where DLF owns 74 per cent and Prudential International Insurance Holdings Ltd holds the rest. As per the agreement, Dewan Housing will pick 50 per cent, promoter group entities will buy the balance 24 per cent and the Joint Venture will be renamed DHFL Pramerica Life Insurance Company Ltd..Amarchand Mangaldas advised Prudential with a team led by Partner Shailaja Lall, along with Principal Associate Kunal Mehra, Senior Associate Soumya Kanti De Mallik and Associates Ashish Teni, Maureen Ralte and Vinay Mishra. Principal Associate Amit Singhania and Associate Ankur Goel assisted on tax issues..This deal roped both the offices of AZB & Partners with Mumbai office advising Dewan Housing and its promoters’ entities and the Delhi office acted for DLF Ltd..The AZB Mumbai team was led by Partner Rajendra Barot along with Senior Associates Vijay Manjrekar and Arvind Ramesh while the Delhi team was led by Partner Allwyn Noronha along with Senior Associate Gautam Varma.
Real estate giant DLF Ltd has agreed to sell its 74 per cent stake in DLF Pramerica Life Insurance Company Ltd, to Dewan Housing Finance Corporation Ltd and its group entities for Rs. 220 crore ($37 million), reports ET..DLF Pramerica Life Insurance is a 74:26 joint venture, where DLF owns 74 per cent and Prudential International Insurance Holdings Ltd holds the rest. As per the agreement, Dewan Housing will pick 50 per cent, promoter group entities will buy the balance 24 per cent and the Joint Venture will be renamed DHFL Pramerica Life Insurance Company Ltd..Amarchand Mangaldas advised Prudential with a team led by Partner Shailaja Lall, along with Principal Associate Kunal Mehra, Senior Associate Soumya Kanti De Mallik and Associates Ashish Teni, Maureen Ralte and Vinay Mishra. Principal Associate Amit Singhania and Associate Ankur Goel assisted on tax issues..This deal roped both the offices of AZB & Partners with Mumbai office advising Dewan Housing and its promoters’ entities and the Delhi office acted for DLF Ltd..The AZB Mumbai team was led by Partner Rajendra Barot along with Senior Associates Vijay Manjrekar and Arvind Ramesh while the Delhi team was led by Partner Allwyn Noronha along with Senior Associate Gautam Varma.