Mahindra & Mahindra Financial Services (Mahindra Finance) has agreed to acquire 20,61,856 fully paid up equity shares of Mahindra Insurance Brokers (MIBL) at a price of Rs 1001 per share constituting 20% equity stake in MIBL, held by Inclusion Resources (IRPL). Mahindra Finance, MIBL and IRPL have executed a share purchase agreement in this regard. The deal completion is subject to IRDAI and other regulatory approvals. On completion of this acquisition, MIBL will become a wholly owned subsidiary of Mahindra Finance.
Mahindra Finance is one of India’s leading non-banking finance companies.
