Kotak Mahindra To Buy Out Entire 26% Of Old Mutual’s JV Stake


The Kotak Mahindra Bank has entered into an agreement to purchase the entire 26% equity stake held by Old Mutual plc, UK (OM) in Kotak Mahindra Old Mutual Life Insurance Limited for a consideration of Rs 1292.7 cr.

After the completion of the transaction, Kotak Mahindra Group will hold 100% equity shareholding of Kotak Life. The Life insurance industry in the country is expected to grow at a healthy rate of 15%.

Kotak Mahindra Bank Limited's stock is trading lower in Friday’s trading session. The stock is trading below its volume weighted average price of Rs 912.97 per share. As of 09:26 hours on Friday, the traded volume of the stock stands at 1,49,657 shares, with the traded value at Rs 13.65 cr.

The Bank Nifty is trading lower by 0.38% at 22242 levels. The bank stocks are trading lacklustre on Friday.

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