Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance to Zurich Insurance for Rs 4,051 crore
Kotak Mahindra Bank will sell majority stake in subsidiary Kotak Mahindra General Insurance Company to Zurich Insurance Company for Rs 4,051 crore.
Kotak Mahindra Bank, Kotak Mahindra General Insurance and Zurich Insurance have finalised agreements for a deal in which Zurich will invest around Rs 4,051 crore to obtain a 51% stake in Kotak General Insurance. This investment will be a combination of fresh capital infusion and share purchase, the bank said in a stock exchange filing.
Zurich will buy an additional stake of 19% within a period of three years from its initial acquisition..