Auto-to-tourism group Mahindra & Mahindra (M&M) on Thursday confirmed that it had sold 12.27 per cent stake in its subsidiary Mahindra Insurance Brokers Ltd. to Inclusion Resources for Rs 64.33 crore.

Inclusion Resources, a subsidiary of US-based LeapFrog Financial Inclusion Fund, said it would help Mahindra Insurance in designing low-cost health insurance products that would be more capable of reaching low-income and excluded customers.

LeapFrog has a group of experts in actuarial, insurance and financial areas. The US company's president, Andrew Kuper, said the experts would be able to bring in the know-how to help the Indian company take the next leap.

Speaking about the investment, Kuper said, "We are keen to support the next leap of reach, performance and innovation for this outstanding business."

By acquiring a stake in Mahindra Insurance Brokers Ltd., the US firm has made its second investment in India. It made its first Indian investment in 2011, when it acquired a stake in South India-based Shriram Capital.

Shares in Mahindra Insurance Brokers Ltd. jumped 6.70 per cent to Rs 844.60 from its previous close on the Bombay Stock Exchange on Thursday.