Kotak Mahindra Bank Secures ₹4,051 Cr Deal as Zurich Invests For 51% Stake In Kotak General Insurance freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
Kotak Mahindra Bank Limited, Kotak Mahindra General Insurance Company Limited and Zurich Insurance Company Limited have entered into definitive agreements for a transaction whereby Zurich will invest approximately Rs 4,051 crore to acquire a 51 .
Once Zurich acquires the 51% shareholding in the insurance company, it will cease to be a subsidiary of the bank. The proposed transaction values Kotak General Insurance at approximately Rs 7,943 crore on a post money valuation, subject to customary closing adjustments.
By Kosaku Narioka Zurich Insurance Group agreed to acquire a majority stake in Kotak Mahindra Bank s casualty insurance business and form a strategic alliance with the Indian bank. Zurich.