Max Financial Services (formerly known as Max India) and Mitsui Sumitomo Insurance Company (MSI) have collectively sold 95,748,762 shares, or 4.99% equity stake, in Max Life Insurance Company (MLIC) to Axis Bank for a cash consideration of Rs 10 per share. Of this, the company has sold 76,560,635 shares, or 3.99% equity stake, to Axis Bank for an aggregate consideration of Rs 76.56 crore. Consequent to this transaction, the equity stake of the company, MSI and Axis Bank in MLIC is 68.01%, 25% and 5.99% respectively.
Max Financial Services, the newly de-merged entity of the Max Group, holds around 72 percent in Max Life. The fourth-largest life insurer in the private sector, Max Life is a joint venture with Japan-headquartered Mitsui Sumitomo Insurance.
