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Kotak Mahindra to buy out entire 26% of Old Mutual’s JV stake

The Kotak Mahindra Bank has entered into an agreement to purchase the entire 26% equity stake held by Old Mutual plc, UK (OM) in Kotak Mahindra Old Mutual Life Insurance Limited for a consideration of Rs 1292.7 cr.
After the completion of the transaction, Kotak Mahindra Group will hold 100% equity shareholding of Kotak Life. The Life insurance industry in the country is expected to grow at a healthy rate of 15%.bonaz capital
Kotak Mahindra Bank Limited’s stock is trading lower in Friday’s trading session. The stock is trading below its volume weighted average price of Rs 912.97 per share. As of 09:26 hours on Friday, the traded volume of the stock stands at 1,49,657 shares, with the traded value at Rs 13.65 cr.
The Bank Nifty is trading lower by 0.38% at 22242 levels. The bank stocks are trading lacklustre on Friday.
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Kotak Mahindra Bank Ltd is currently trading at Rs 908.6, down by Rs 5.95 or 0.65% from its previous closing of Rs 914.55 on the BSE.
The scrip opened at Rs 922 and has touched a high and low of Rs 922 and Rs 906.55 respectively. So far 259227(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 168371.24 crore.
The BSE group ‘A’ stock of face value Rs 5 has touched a 52 week high of Rs 919.75 on 26-Apr-2017 and a 52 week low of Rs 690 on 29-Apr-2016. Last one week high and low of the scrip stood at Rs 919.75 and Rs 876.25 respectively.
The promoters holding in the company stood at 32.08 % while Institutions and Non-Institutions held 46.41 % and 21.51 % respectively.
The stock is currently trading above its 50 DMA.