Edme Services Private Limited entered into a share purchase agreement to acquire Aditya Birla Insurance Brokers Limited from Aditya Birla Capital Limited (NSEI:ABCAPITAL) and Infocyber (India) Private Limited for enterprise value of INR 4.55 billion on March 27, 2023. Edme Services Private Limited will acquire 5.13 million shares of Aditya Birla Insurance Brokers Limited. Aditya Birla Capital Limited board approved the deal. The transaction is subject to approval from Insurance Regulatory and Development Authority of India (?IRDAI?) and other regulatory / statutory approvals and satisfaction of other conditions under the SPA. Proposed Transaction is expected to be completed within 120 to 180 days from the execution of the SPA. Jay Gandhi, Rohan Jain and Anu Susan Abraham of Shardul Amarchand Mangaldas & Co acted as legal advisor and due diligence advisor to Edme Services Private Limited. Saswat Subasit and Shourya Sengupta of Khaitan & Co. Advised Aditya Birla Capital and Infocyber India.

On December 29, 2023 approval of IRDAI for the completion of Proposed Transaction are still underway, the parties to SPA have mutually agreed to extend the timeline for completion of the Proposed Transaction to March 31, 2024.