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.
{{^htLoading}} {{/htLoading}}
Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023, it added.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Advertisement
{{/htLoading}}{{#usCountry}}