Kotak Mahindra Bank receives RBI approval to sell 70% stake in general insurance subsidiary to Zurich Insurance for Rs 5,560 crore.
Kotak Mahindra Bank has received RBI approval to sell a 70% stake in its general insurance subsidiary, Kotak Mahindra General Insurance, to Zurich Insurance Company for Rs 5,560 crore. The deal involves Zurich initially acquiring a 51% stake through a combination of fresh growth capital and share purchase, followed by an additional 19% stake within three years. The transaction received all necessary regulatory approvals.
June 05, 2024
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