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Kotak Mahindra Bank on Friday completed the acquisition of 26 per cent equity stake in its subsidiary Kotak Mahindra Old Mutual Life Insurance from Old Mutual Plc for ₹1,293 crore, the bank informed the exchanges.
In April this year, Kotak Mahindra Bank had inked an agreement to purchase the entire 26 per cent equity stake held by Old Mutual Plc, UK (OM), in Kotak Mahindra Old Mutual Life Insurance. Following the acquisition, Kotak Mahindra Bank now holds 100 per cent stake in the subsidiary.
Kotak Mahindra Bank in March raised over ₹5,000 crore by issuing up to 6.2 crore equity shares to pursue consolidation opportunities in the Indian financial services space.
Kotak Mahindra Bank and its affiliates held 74 per cent stake in Kotak Life before the deal. The net worth of Kotak Life stands at ₹1,825 crore as on March 31, 2017. Shares of Kotak Bank ended at ₹1,082.35, up 2.3 per cent on the NSE.
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