Latest News | Mahindra Finance Acquires 20 Pc Stake in Mahindra Insurance Brokers for Rs 206 Cr
Get latest articles and stories on Latest News at LatestLY. Mahindra Finance on Friday acquired a 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL) for Rs 206.39 crore to make it a wholly-owned subsidiary of the company.
New Delhi, Sep 22 (PTI) Mahindra Finance on Friday acquired a 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL) for Rs 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 Rs 10 each of MIBL at a price of Rs 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)