KMB to buy 26% stake in Old Mutual's Life insurance biz

KMB to buy 26% stake in Old Mutual's Life insurance biz

 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.