Kotak Mahindra Bank to Buy Old Mutual's Stake in Insurance Arm

Posted By: Religare
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Private sector lender Kotak Mahindra Bank (KMB) has said that it is buying out British partner Old Mutual's entire 26 per cent stake in its life insurance arm for Rs1,292.7 crore.

Kotak Mahindra Bank to Buy Old Mutual's Stake in Insurance Arm
Kotak Mahindra Bank: Quotes, News
BSE 999.70BSE Quote22.95 (2.30%)
NSE 999.50NSE Quote22.4 (2.24%)

"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26% equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs1,292.7 crore," the bank said in a filing to the Bombay Stock Exchange.

"The buyout is subject to regulatory and other approvals, and will result in the Kotak Mahindra Group holding 100 per cent equity in Kotak Life," the bank added.

Meanwhile, shares of the company were trading at Rs 908.55 apiece, down 0.66 per cent from the previous close at 09:59 hours on BSE.

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