India: Axis Bank becomes co-promoter of Max Life, to own 12.9% stake
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April 7, 2021
Axis Bank Ltd on Tuesday said that it has become co-promoters of Max Life Insurance Company Limited, after completion of the acquisition of 12.99% stake collectively by the Axis Entities in the company.
“The Board of Max Life recorded the closure of the deal today. The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year,” the private lender said in a regulatory filing.
Max Life’s holding company Max Financial Services Limited and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020. Axis Bank had announced its intent to purchase a 30% stake in Max Life Insurance for a sum of around Rs. 1530 crore in April last year
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Axis Bank, subsidiaries acquire over 12% in Max Life, become co-promoters
By IANS |
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Axis Bank introduces wearable devices for contactless transactions. Image Source: IANS News
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.