In a significant move, Mahindra Finance has acquired a 20% stake in Mahindra Insurance Brokers Ltd (MIBL) for INR 206.39 crore, paving the way to establish MIBL as a wholly-owned subsidiary of the company.
Following the approval from the Insurance Regulatory and Development Authority of India (IRDAI), Mahindra Finance successfully concluded the acquisition by procuring 20,61,856 equity shares of MIBL, each valued at INR 1,001 per share, as disclosed in an official regulatory filing.
As a result of this strategic acquisition, Mahindra Insurance Brokers Ltd officially transitions into a fully-owned subsidiary of Mahindra Finance, marking a momentous shift in the company’s structure and operations. This development was finalized on September 22, 2023.
About Mahindra Finance:
Mahindra & Mahindra Financial Services Limited, based in Mumbai, India, is a prominent rural non-banking financial institution. It ranks among the leading financiers of tractors in India, boasting a vast network of over 1000 offices nationwide. Originally established as Maxi Motors Financial Services Limited, Mahindra Finance commenced its operations on January 1, 1991.
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