Mahindra Finance Ltd. on Friday acquired a 20% stake in Mahindra Insurance Brokers Ltd. 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 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 Sept. 22, it added.
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