Kotak Mahindra Bank (KMB) has entered into an agreement to acquire the entire 26% stake held by Old Mutual, UK in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore.
After the completion of the transaction, which is subject to regulatory and other approvals, Kotak Mahindra group will hold 100% of the equity shareholding of Kotak Life.
Kotak Life is one of the leading private sector life insurance companies in India. It is currently a joint venture between Kotak group and Old Mutual.
The networth of Kotak Life stood at Rs 1,825 crore as on March 31, 2017.
(Published 28 April 2017, 17:57 IST)