Axis Bank entities close deal with Max Life Insurance, become co-promoters

Axis stake at 12.99%, will nominate three directors to Max Life's board

Private sector lender Axis Bank and its subsidiaries Axis Capital Limited and Axis Securities have completed acquiring a stake in Max Life Insurance and post of the completion of the transaction have become co-promoter of the life insurer with 12.99 per cent stake.

With this, Max Life’s board will be recast with three nominees from Axis entities (Axis Bank, Axis Capital, and Axis Securities together are called Axis entities). It is also important to note that Axis entities can up their stake in the life insurance company by another 7 per cent, for which they would require further regulatory approvals.