To Axis Bank and its subsidiaries
Max Financial Services announced that the Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval for the acquisition of up to 12% stake in Max Life Insurance Company (Max Life) by Axis Bank and its subsidiaries, Axis Capital & Axis Securities (together Axis Entities).The IRDAI approval was an integral step in this long-awaited joint venture transaction which was first announced in April 2020.
As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital and Axis Securities together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction.
In addition, Axis Entities have the right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, which they intend to acquire over the course of the next few years.
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