With reference to earlier disclosure letters dated 28th April 2020, 23rd July 2020, 24th August 2020 and 30th October 2020 on execution of definitive agreements by Axis Bank with Max Financial Services for an acquisition of a part of the equity share capital of Max Life Insurance Company, a material subsidiary of Max Financial, by Axis Bank and its subsidiaries, Axis Securities and Axis Capital (collectively with Axis Bank, the Axis Entities); Axis Bank has informed that Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.
The above information is a part of company’s filings submitted to BSE.