Max Financial Services has raised stake in its life insurance arm by buying a portion from Axis Bank for Rs 153 crore.
MFS has acquired 0.74 per cent additional stake in its subsidiary, Max Life Insurance Company Ltd (Max Life), comprising 14,170,817 equity shares from Axis Bank, for a consideration of approximately Rs 153.33 crore.
MFS said in a regulatory filing that with this, the shareholding of the company in Max Life has gone up to 70.75 per cent.
A part of the USD 3 billion Max group, MFS is the holding company for Max Life.
Max Life is a joint venture between MFS and Japan-headquartered life insurance firm Mitsui Sumitomo Insurance (MSI).
Stock of MFS was trading 0.38 per cent up at Rs 440.85 on BSE.