Mahindra Finance acquires 20% in Mahindra Insurance Brokers for ₹206 crore

Mahindra Finance acquires 20% stake in Mahindra Insurance Brokers for ₹206.39 crore.

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.

Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023 (File Photo: Bloomberg) (MINT_PRINT)

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.

Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023, it added.