The fund plans to provide a $150 million mezzanine debt facility at 18-20% and arrange another $300 million from other lenders to finance the acquisition, said a person in the know. "The funding cost could vary by the instrument where the blend-in cost could be 14-15%," he added.
Zurich Insurance Group has agreed to acquire 70 per cent stake in Kotak General Insurance, the general insurance arm of Kotak Mahindra Bank for Rs5,560 crore.
Earlier this month, CCI said that it had approved the acquisition of a 70 per cent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company.
Zurich Insurance to buy 70% Kotak General stake via single deal of ₹Rs 5,560 crore thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Major management rejig at Kotak Mahindra Bank: KVS Manian re-designated as Joint MD financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.