Friday, 28 April 2017

Kotak Mahindra Bank to buy Old Mutual`s stake in insurance arm

Private sector lender Kotak Mahindra Bank (KMB) has said that it is buying out British partner Old Mutual’s entire 26 percent stake in its life insurance arm for Rs1,292.7 crore. “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. 
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