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Axis Bank, subsidiaries acquire over 12% in Max Life, become co-promoters
By IANS |
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New Delhi, April 6 : Lending major Axis Bank, along with its subsidiaries, have become the co-promoters of Max Life Insurance Company.
The bank and its subsidiaries Axis Capital and Axis Securities have completed the acquisition of 12.99 per cent stake collectively. The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year, the bank said in a statement. Max Life s holding company Max Financial Services and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.
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Axis Bank buys 12.99% stake in Max Life, becomes co-promoter
Max Financial Services Limited, the holding company of Max Life, and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.
BusinessToday.In | April 6, 2021 | Updated 22:42 IST
With this acquisition, Axis Entities have become co-promoters of Max Life.
Axis Bank and its subsidiaries, Axis Capital Limited and Axis Securities Limited (together Axis Entities), have completed acquisition of 12.99 per cent stake in Max Life Insurance Company Ltd.
With this acquisition, Axis Entities have become co-promoters of the life insurance company, the companies said in a release. The board of Max Life recorded the closure of the deal on Tuesday.