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Kotak Mahindra Bank gets 100% control in insurance subsidiary

Kotak Mahindra Bank said it has completed the acquisition of 26% equity stake in life insurance subsidiary Kotak Mahindra Old Mutual Life Insurance from Old Mutual, UK, for Rs 1293 crore. The bank had completed an agreement in April to buy the entire stake held by Old Mutual in the insurance subsidiary. The bank now holds 100% stake in the subsidiary. The bank had raised Rs 5000 crore by issuing up to 6.2 crore equity shares to pursue consolidation opportunities. The net worth of Kotak Life stands at Rs 1825 crore.

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