Axis Bank Ups Stake in Max Life to 19.99% for Rs 336 Crore

Axis Bank increased its shareholding in Max Life Insurance to 19.99% for Rs 336 crore. This decision was approved during a board meeting on June 19, 2024. The acquisition is subject to regulatory approvals. The bank, along with two subsidiaries, can collectively own about 20% in Max Life Insurance.

In a significant financial move, Axis Bank on Wednesday bolstered its stake in Max Life Insurance to 19.99%, with an investment of Rs 336 crore.

This strategic decision was sanctioned during the board's Acquisitions, Divestments and Merger Committee meeting held on June 19, 2024, Axis Bank revealed in a regulatory filing.

The completion of this transaction hinges on obtaining all necessary regulatory approvals. Axis Bank and its subsidiaries, Axis Capital Ltd and Axis Securities Ltd, have been authorized by the Insurance Regulatory and Development Authority of India (IRDAI) to collectively hold up to 20% of Max Life, stemming from an earlier deal concluded in 2021.

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