Kotak Mahindra Bank Has Agreed To Sell 51% Of Its Share In Kotak General Insurance To Zurich For Rs 4,051 Crore
Zurich Insurance Company will purchase the majority of Kotak Mahindra Bank’s subsidiary Kotak Mahindra General Insurance Company for a sum of Rs 4,051 crore.
The agreements between Zurich Insurance,
Kotak Mahindra Bank
, and Kotak Mahindra General Insurance have been finalised.
Zurich plans to purchase a further 19% of the company within three years of the first transaction.
According to Kotak, Zurich’s investment is the biggest one made by a global strategic insurer in an Indian non-life insurer.
According to the bank, the deal is probably going to be finished by June 30, 2024.
Following the announcement, Kotak Mahindra Bank shares soared; at 9:45 a.m. Mumbai trade, they were up 1.8% at Rs 1,754.70 rupees.