Following RBI and IRDA approval
Muthoot Finance announced that following approval from Reserve Bank of India and Insurance Regulatory and Development Authority of India, the transaction involving acquisition of Muthoot Insurance Brokers by transfer of equity shares from its existing shareholders for a consideration of Rs 20 crore and to make it as a wholly owned subsidiary, is completed.Muthoot Insurance Brokers is an unlisted private limited company holding a license to act as Direct Broker from IRDA since 2013. It is actively distributing both life and non-life insurance products of various insurance companies. In FY 2016, the company has insured 4,59,000 lives with a premium collection of Rs 49 crore under traditional, term and health products.
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