With reference to its disclosures dated November 2, 2023 and February 23, 2024 in relation to the proposed acquisition of 70% shareholding in Kotak Mahindra General Insurance Company (‘Kotak General’) by Zurich Insurance Company (‘Zurich’) by way of a combination of primary and secondary acquisitions, for a total consideration of approximately Rs 5,560 crores (‘Transaction’). In this regard, Kotak Mahindra Bank has informed that the Reserve Bank of India has, vide its letter dated June 4, 2024 received by the Bank on June 4, 2024, conveyed its approval for the Transaction. All regulatory approvals required for the Transaction have now been received and the Transaction will be completed upon fulfilment of other conditions precedent.
The above information is a part of company’s filings submitted to BSE.
