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LIC says its ITC investment is 'in interest of public welfare', seeks dismissal of PIL
24-Jun-2017 (09:53)
Insurance regulator IRDAI directs Sahara India Life Insurance to stop underwriting new business
24-Jun-2017 (09:32)
GST impact: Insurance premium, credit card bills, to get costlier
20-Jun-2017 (17:46)
LIC corners 38.67% of SBIs Rs 15,000 crore QIP
19-Jun-2017 (19:40)
Insurance Information Bureau plans central data base of insurance agents
19-Jun-2017 (09:37)
Kotak Mahindra Bank acquire 26% of shares from Old Mutual Plc in insurance arm gets CCI nod
16-Jun-2017 (19:25)

The Competition Commission has given its approval for Kotak Mahindra Bank buying out British partner Old Mutuals 26 per cent stake in formers life insurance arm for Rs 1,293 crore.

In a tweet, the Competition Commission of India said it has approved "acquisition by Kotak Mahindra Bank of 26 per cent shares of Kotak Mahindra Old Mutual Life Insurance Ltd from Old Mutual Plc".

The Mumbai-based Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank (KMB), its affiliates, and Old Mutual Plc.

As per the notice submitted to the regulator, Old Mutual Plc holds 26 per cent of the total paid-up share capital of the life insurance firm and the remaining 74 per cent is directly or indirectly held by KMB.

As part of the deal, Kotak Mahindra Bank will be paying Old Mutual Rs 1,292.7 crore for acquiring 26 per cent stake in the joint venture.
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