Axis Bank proposes to acquire 17% equity share in Max Life; says both parties executed agreements

Axis Bank today proposed to acquire just over 17 per cent of the equity share capital of Max Life, which will result in the bank’s total ownership of 18 per cent after the transaction. The bank said that the parties have executed the definitive agreements and Axis Bank and Max Life will shortly approach the respective regulatory authorities with revised applications for their consideration and approval. Earlier this year, the board of Axis Bank had approved the purchase of an additional 29 per cent stake in Max Life Insurance which could have taken the private lender’s total stake in the insurer to 30 per cent.

Axis Bank and Max Life Insurance have business relationships for over a decade. Together, they sell long term savings and protection products to over 19 lakh customers and the total premium generated through this relationship has aggregated to more than Rs 38,000 crore.

Also Read: SBI, PNB, Bank of Baroda, other PSU banks on fund-raising spree; may sell shares this year for capital

To be updated…

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