Board of Axis Bank gives nod to hike stake in Max Life for Rs 336 cr.

Banking & Finance

The board of private sector lender Axis Bank on Wednesday gave approval to increase its stake in Max Life Insurance to 19.99 per cent. The equity stake will be acquired for Rs 336 crore. “The board of directors of the bank, at its meeting held on June 19, 2024, has approved a proposal for the acquisition of additional equity shares of Max Life by the bank for an amount of up to Rs 336 crore, thereby increasing the aggregate shareholding of the Axis entities from 19.02 per cent to 19.99 per cent,” the lender informed the exchanges.


      Max Life Insurance is a subsidiary of Max Financial Services.

      Post the acquisition, the stake of Axis Bank and its subsidiaries, including Axis Securities and Axis Capital, in the life insurer will increase to 19.99 per cent from the existing 19.02 per cent.

     

 

     


About Axis Bank

CEO- Amitabh Chaudhry
HQ - Mumbai
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