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Sept 30 (Reuters) - Cathay Financial, parent of Taiwan's biggest life insurer, said:
* Its life insurance unit will invest up to $32 million in Bank Mayapada Internasional's capital raising.
* Says its unit will buy up to 246 million new shares of the Indonesian bank.
* Says the planned acquisition is subject to Indonesian regulatory approval.
Further company coverage: (Reporting by Faith Hung; Editing by Susan Fenton)