Axis bank added 2.94% to Rs 1,226.25 after the bank announced its decision to increase its stake in Max Life Insurance by acquiring additional equity worth Rs 336 crore.
With the stake purchase, the aggregate shareholding of Axis entities in Max Life Insurance will increase from 19.02% to 19.99%.
Previously, Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, held a 19.02% stake in the life insurance company.
In an exchange filing, the bank said, The acquisitions, divestments and merger committee of the board of directors has approved a proposal for acquisition of additional equity shares of Max Life by the Bank for an amount of upto Rs. 336 crore, thereby increasing the aggregate shareholding of the Axis Entities from 19.02% to 19.99%.
The aforesaid proposal is subject to receipt of all requisite regulatory approvals, as may be applicable. The acquisition is expected to be completed within 2-3 months.
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Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.
The private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.
The counter hit an all-time high of Rs 1,243 in today's intraday session.
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