Axis Bank, subsidiaries to acquire 19% stake in Max Life in revised deal

RBI did not consider Axis's earlier proposal of acquiring 17% stake in Max Life

The Axis Bank-Max Financial deal has run into trouble once again, as this time the Reserve Bank of India (RBI) did not consider the lender’s application to acquire 17 per cent equity share capital of Max Life Insurance. Instead, as per RBI’s advice, the deal has been revised, wherein Axis Bank and its subsidiaries–-Axis Capital and Axis Securities (Axis entities)-–have entered into revised agreements with Max Financial to acquire upto 19 per cent of the equity stake in Max Life.

The bank will only acquire 9 per cent of the equity share capital of Max Life Insurance, under the revised