Kotak Mahindra Bank (Kotak 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 (Kotak Life) for a consideration of Rs 1,292.7 crore, subject to all regulatory and other approvals. After the completion of the transaction, Kotak Mahindra Group will hold 100% of the equity shareholding of Kotak Life.
Kotak Life is one of the leading private sector life insurance companies in India. It is currently a joint venture between Kotak Group and OM. The net-worth of Kotak Life stands at Rs 1,825 crore as on March 31, 2017.
As on March 31, 2017, Kotak Mahindra Bank, has a national footprint of 1,369 branches spread across 689 locations and 2,163 ATMs.