RBI approves acquisition of 70% stake in Kotak General by Zurich Insurance Company Ltd

The Reserve Bank of India has, vide its letter dated June 4, 2024 received by the Bank on June 4, 2024, conveyed its approval to the proposed acquisition of 70% shareholding in Kotak Mahindra General Insurance Company Limited ("Kotak General") by Zurich Insurance Company Ltd ("Zurich") by way of a combination of primary and secondary acquisitions, for a total consideration of approximately Rs. 5,560 crore. All regulatory approvals required for the Transaction have now been received and the Transaction will be completed upon fulfilment of other conditions precedent.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1718.75 as compared to the previous close of Rs. 1638.60. The total number of shares traded during the day was 293730 in over 21296 trades.

The stock hit an intraday high of Rs. 1724.70 and intraday low of 1645.40. The net turnover during the day was Rs. 497330729.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 KotakMahindraGeneralInsuranceCompany StakeSale RBIApproval ZurichInsuranceCompany