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Kotak Mahindra Bank’s Old Mutual Buyout Gets CCI Approval
June 19, 2017
Competition Commission of India has approved Kotak Mahindra Bank’s request of buying 26% stake in its British partner Old Mutual’s financial business wing. The confirmation of this Rs. 1,293 crore acquisition was given by CCI through a tweet saying it has approved the acquisition by “Kotak Mahindra Bank of 26 per cent shares of Kotak Mahindra Old Mutual Life Insurance Ltd”.
In the current structure, Old Mutual owns 26% equity in the life insurance arm of the corporate, while Kotak Mahindra Bank owns the remaining 74%. Through the new acquisition, it will acquire 100% of the company shares directly or indirectly.
