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Ensuring Authenticity, Upholding Trust
Author: Legal Parivar
Legal Parivar
Ensuring Authenticity, Upholding Trust
Kotak Mahindra Bank announced on February 23 that Zurich Insurance Company Ltd will acquire a 70 percent stake in Kotak General for Rs 5,560 crore in a single tranche. Initially, in November 2023, Zurich Insurance had disclosed its plan to acquire a 51 percent stake in Kotak Mahindra General Insurance Company, followed by an additional 19 percent stake later on. However, Kotak Mahindra Bank stated in a filing to the exchanges that the parties involved have mutually agreed to modify the transaction. Under the new arrangement, Zurich will acquire a 70 percent stake in Kotak General through a combination of…