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Kotak Mahindra to buy out Old Mutual stake in Kotak Life
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SME Times News Bureau | 29 Apr, 2017
Kotak Mahindra Bank on Friday
said it has entered into an agreement to purchase the entire 26 per cent
equity held by Old Mutual plc, UK, in Kotak Mahindra Old Mutual Life
Insurance Ltd (Kotak Life) for Rs 1,292.7 crore.
In a statement
issued here, Kotak Mahindra Bank said it will buy out the stakes in line
with its philosophy to deepen and expand in Indian financial services
sector.
The deal is subject to regulatory approvals, the statement said.
After the transaction is completed, Kotak Mahindra Group will hold 100 per cent of the equity shareholding of Kotak Life.
Currently, the life joint venture is between Kotak Group and Old Mutual.
The networth of Kotak Life stands at Rs 1,825 crore as on March 31.
"Kotak
Mahindra Group and Old Mutual have enjoyed a fruitful relationship over
the past 16 years and built a successful and trusted brand in the life
insurance industry in India. Old Mutual has been a valued business
partner," said Gaurang Shah, President-Asset Management, Insurance and
International Business, Kotak Mahindra Bank.
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