Axis Bank has received approval from the Acquisitions, divestments and merger committee of the Board of Directors of the Bank to infuse Rs 1,612 crore in Max Life Insurance Company (Max Life) through preferential allotment, resulting in Axis Bank’s direct stake in Max Life increasing to 16.22% and the collective stake of Axis Entities increasing to 19.02%.
The aforesaid proposal is subject to receipt of regulatory approvals including IRDAI, PFRDA, CCI, requisite corporate and other regulatory approvals, as applicable. The Acquisitions, divestments and merger committee of the Board of Directors of the Bank at their meeting held on August 9, 2023 has approved the same.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
