Kotak Mahindra Bank Limited (BSE:500247), backed by billionaire Uday Kotak, is considering selling a minority stake in its Kotak Mahindra General Insurance Company Limited, according to people familiar with the matter. The lender is working with an adviser on the potential sale of a stake in Kotak Mahindra General Insurance Company Limited which could raise as much as a few hundred million dollars, the people said. The process could draw potential strategic partners as well as financial investors, the people said, asking not to be identified as the information is private.

Deliberations are at an early stage, details of a deal such as size and structure could change and the lender could decide not to go ahead with the stake sale, the people said. A spokesperson for Kotak Mahindra Bank declined to comment.