Axis Bank invests additional Rs336-cr in Max Life, raises stake to 19.99%
20 Jun 2024
Axis Bank, India’s third-largest private sector lender, has acquired additional equity shares of Max Life Insurance Company worth Rs336 crore, taking its stake in the life insurance subsidiary of Max Financial Services, from 19.02 per cent to 19.99 per cent.
Axis Bank said its board of directors has approved an increase in the total holding of Axis entities in Max Life through acquisition of new shares.
Axis entities that include the bank as also the investment solutions provider Axis Securities and financial services provider Axis Capital, had, in April this year, raised their combined holding in Max Life from 12.99 per cent to 19.02 per cent.
Max Financial Services, the parent company of Max Life Insurance, is engaged in investment banking, providing management advisory services.
Axis Bank had, in August last year, received regulatory approval for investing Rs1,612 crore into Max Life Insurance by subscribing to shares on a preferential basis, in a phased manner.
Subsequently, the Acquisitions, Divestments and Merger Committee of the bank’s board of directors approved the proposal to acquire additional equity in Max Life for up to Rs336 crore, according to a stock exchange filing by Axis Bank.
Axis Bank announced the plan to acquire stake in Max Life Insurance in 2021.
