Axis Bank acquires 9.90% partnership interest in Fettle Tone LLP

Axis Bank has entered into definitive agreements with Fettle Tone LLP and the other partners of Fettle Tone LLP on 13 March 2021 in connection with Axis Bank's proposed acquisition of 9.90% of the aggregate partnership interest of Fettle Tone LLP pursuant to a contribution of Rs 90.8 crore by Axis Bank in Fettle Tone LLP's partnership capital.

Fettle Tone LLP is a special purpose vehicle (SPV) set up by True North Fund VI LLP under the IRDAI (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines, 2017.

Fettle Tone LLP is currently a promoter of Max Bupa Health Insurance Company (MBHI) and holds ~55.6% of the total share capital of MBHI. MBHI is a standalone health insurance company registered with the Insurance Regulatory and Development Authority of India.

This transaction strengthens Axis Bank's position in the insurance sector, pursuant to its investment in Fettle Tone LLP.

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