Max Financial Services gets Irdai nod to acquire residual stake in Max Life

Max Financial Services, the promoter of insurer Max Life Insurance, has received the insurance regulator’s (Irdai) approval to purchase the remaining stake of 5.17 per cent in the life insurance company held by Mitsui Sumitomo Company Limited (MSI).

This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday.

This transaction entails purchase of 99.1 million shares of Max Life at Rs 85 per share by Max Financial Services as per the put/call option approved by the company’s board on March 3, 2020. ­

“The transaction will make the holding company structure