Axis Bank shares gains nearly 3 pc

Shares of Axis Bank gained nearly 3 per cent on Thursday after the Insurance Regulatory and Development Authority of India IRDAI gave its approval to the lender and two of its subsidiaries for acquiring stake in Max Life Insurance.The banks shares settled 2.94 per cent higher at Rs 770.80 apiece after touching an intra-day high of Rs 783.25 on BSE.On NSE, it advanced by 2.62 per cent to close at Rs 769 apiece.

Shares of Axis Bank gained nearly 3 per cent on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) gave its approval to the lender and two of its subsidiaries for acquiring stake in Max Life Insurance.

The bank's shares settled 2.94 per cent higher at Rs 770.80 apiece after touching an intra-day high of Rs 783.25 on BSE.

On NSE, it advanced by 2.62 per cent to close at Rs 769 apiece. The stock had reached an intra-day high of Rs 783.50.

Max Financial Services Ltd (MFSL) on Wednesday said IRDAI has given its approval for the acquisition of up to 12 per cent stake in Max Life Insurance by Axis Bank and its subsidiaries -- Axis Capital and Axis Securities.

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, according to a statement.

The approval from the insurance regulator was an integral step in this joint venture transaction which was first announced in April 2020, the statement said.