Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country s third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer. The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former s insurance venture. Financial details were not disclosed. Max Financial Services the holding company of Max Life has offloaded 12.99 per cent stake in the insurer to Axis Bank and its subsidiaries Axis Capital and Axis Securities Ltd, according to a regulatory filing.
After long wait, Max Group sells 13% stake in life insurer Max Life to Axis Bank
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After long wait, Max Group sells 13% stake in life insurer Max Life to Axis Bank
PTI / Apr 6, 2021, 21:44 IST
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NEW DELHI/MUMBAI: Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country s third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer.
The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former s insurance venture.
Max Group sells 13% stake in life insurer Max Life to Axis Bank thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
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Max Financial Services: IRDAI has given its formal approval for the acquisition of up to 12 percent stake in Max Life Insurance Company by Axis Bank and its subsidiaries.