"The other terms of the transaction remain unchanged,” the private sector bank said in a statement.
The proposed 70% acquisition would be subject to fulfilment of customary conditions precedent, including the receipt of regulatory approvals from the Reserve Bank of India and the Insurance Regulatory and Development Authority of India, it added.
In November last year, Kotak Bank had announced had entered into definitive agreements with Zurich Insurance Company for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance (Kotak General) through a combination of fresh growth capital and share purchase. Further, Zurich was to acquire an additional stake of 19% within a period of three years from its initial acquisition.
The proposed transaction had valued Kotak General Insurance at approximately Rs. 7,943 crore on a post money valuation, subject to customary closing adjustments.
Switzerland-based Zurich Insurance Company is a 100% subsidiary of Zurich Insurance Group Limited, which is a leading multi-line insurer serving people and businesses in more than 200 countries and territories.
Kotak Mahindra Group is one of India's leading financial services conglomerates. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector.
The private sector lender's net profit rose 7.63% to Rs 3,005.01 crore on 28.77% increase in net total income to Rs 14,096.04 crore in Q3 FY24 over Q3 FY23.