Axis Bank has subscribed 14,25,79,161 fully paid-up equity shares (face value Rs 10 each) of Max Life Insurance Company (Max Life) at a fair market value (using Discounted Cash Flow method) of Rs 113.06 per share amounting to around Rs 1,612 crore.
Pursuant to the aforesaid subscription and allotment, the Bank’s direct stake in Max Life has increased from 9.99% to 16.22% and the collective stake of the Bank and its subsidiaries viz Axis Securities and Axis Capital has increased from 12.99% to 19.02%.
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.
