/ CCI Gives Nod To Kotak Mahindra Bank For Stake Acquisition In Insurance Arm ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Saturday, 17 June 2017

The Competition Commission of India (CCI) has given its approval to Kotak Mahindra Bank for acquisition of 26% shares of Kotak Mahindra Old Mutual Life Insurance Ltd from Old Mutual Plc, reported a leading news agency.

Kotak Mahindra Bank will shell out Rs 1,292.7 crore for acquiring the stake in the joint venture from Old Mutual.

Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank (KMB), its affiliates, and Old Mutual Plc.

Old Mutual Plc holds 26% of the total paid-up share capital of the life insurance firm and the remaining 74% is directly or indirectly held by KMB.

Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. It has presence in New York, London, Mauritius, Singapore, Dubai and Abu Dhabi directly or through its subsidiaries.

Old Mutual Plc is an international long-term savings, protection and investment group.

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