Axis entities get Irdai approval to acquire stake in Max Life Insurance

Before share swap, MFS held 72.5 per cent stake in Max Life and MSI owned 25.5 per cent stake in the life insurance firm. |Photo: www.shutterstock.com
The Insurance Regulatory and Development Authority of India (Irdai) has given its nod to Axis entities — Axis Bank and its subsidiaries — for acquiring up to 12 per cent stake in Max Life Insurance, paving the way for Axis firms to become a joint venture partner in the life insurance company.

 

Axis Bank will acquire 9 per cent stake in the life insurance company while Axis Capital and Axis Securities will acquire another 3 per cent in the first leg of the transaction. Furthermore, Axis entities — Axis Capital & Axis Securities — will have the right to acquire another 7 per cent in the life insurance company, something they intend to do in the coming years.

 

Max Financial Services is the holding company of the private sector life insurer Max Life Insurance.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel