Mahindra Insurance Brokers stake acquisition: Mahindra Finance, a rural non-banking financial company headquartered in Mumbai, has announced the acquisition of 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL) for Rs 206.39 crore, making it a fully owned subsidiary of Mahindra Finance. After receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI), the company successfully acquired 20,61,856 equity shares of Rs 10 each of MIBL at a rate of Rs 1,001 per share. This development was confirmed by Mahindra Finance in a regulatory filing.
As a result of this acquisition, MIBL has become a wholly owned subsidiary of the company from September 22, 2023, the regulatory filing stated.
Mahindra & Mahindra’s capitalisation crossed Rs 2 lakh crore
Mahindra and Mahindra recently crossed the Rs 2 lakh crore-mark for the first time on the back of a strong order book for its SUV segment and leadership position in the tractor segment. M&M share currently trades at Rs 1,610 on the BSE. The automaker’s market cap has doubled in less than 18 months, going from Rs 1 lakh crore in April 2022 to over Rs 2 lakh crore this week.
Tech M and Mahindra Finance contributed more than 50 per cent of FY23 group earnings. While Mahindra Finance had the highest-ever disbursements in FY23 (Rs 49,000 crore, up 80 per cent) and much-improved asset quality (4.5 per cent gross NPAs, down from 8.4 per cent), Tech M is leveraging strength in telecom by being at the forefront of 5G.
The firm said it has identified nine businesses as ‘Growth Gems’ that will aid a five-fold growth over the next several years. The growth engines include Mahindra Lifespaces, Mahindra Holidays, and Mahindra Logistics.
(With PTI inputs)
