Mahindra Finance on Friday acquired a 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL) for ₹206.39 crore to make it a wholly-owned subsidiary of the company.
![Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023 (File Photo: Bloomberg)(MINT_PRINT) Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023 (File Photo: Bloomberg)(MINT_PRINT)](https://kv1nsbvizag.org/wp-content/uploads/2023/09/Mahindra-Finance-acquires-20-in-Mahindra-Insurance-Brokers-for-₹206.jpg)
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 ₹10 each of MIBL at a price of ₹1,001 per share, Mahindra Finance said in a regulatory filing.
Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from September 22, 2023, it added.
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