The Insurance Regulatory and Development Authority of India (IRDAI) has approved the acquisition of up to 12 per cent stake in Max Life Insurance, a joint venture (JV) between Max Financial Services and Mitsui Sumitomo Insurance, by Axis Bank and its subsidiaries, Axis Capital & Axis Securities (together Axis Entities). As per the proposed transaction, Axis entities have the right to acquire up to 19 per cent stake in Max Life; of which, Axis Bank proposes to acquire up to 9 per cent. Axis Capital and Axis Securities together propose to acquire up to 3 per cent of the share capital of Max Life in the first leg of the transaction.
In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, which they intend to acquire over the course of the next few years.
Max Financial Services is a part of the Max group, an Indian multi business corporation.
Company Name | CMP |
---|---|
Max Financial | 1006.05 |
Delphi World Money | 230.05 |
SBFC Finance | 90.70 |
Anand Rathi Wealth | 3959.65 |
Prudent Corporate | 1516.45 |
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