Mahindra Finance on Friday acquired a 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL) for ₹206.39 crore to make it a wholly-owned subsidiary of the company.
The company, pursuant to receipt of approval from the Insurance Regulatory and Development Authority of India (Irdai), completed the acquisition of 20,61,856 equity shares of ₹10 each of MIBL at a price of ₹1,001 per share, Mahindra Finance said in a regulatory filing.
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Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023, it added.
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