Kohlberg Kravis Roberts & Co. and The Carlyle Group LP are reported to have submitted the first round of bids to acquire 20% stake in Thai Life Insurance Co., Ltd. , people close to the auction said. The source said that the deal is worth $500 million.

Khazanah Nasional Berhad is also bidding for the stake. CVC Capital Partners Limited, Meiji Yasuda Life Insurance Company and Sumitomo Life Insurance Company are other interested parties. The first round of bidding closed on March 11, 2013.