Axis Bank to buy 29% in Max Life Insurance, raise its total stake to 30%

After the completion of a series of transactions, Max Life will become a 70:30 joint venture between MFS and Axis Bank

Private-sector lender Axis Bank on Tuesday said it would acquire an additional 29 per cent stake in Max Life Insurance, raising its total stake in the private life insurer to 30 per cent after the completion of the deal. Max Financial Services will hold the remaining 70 per cent in the joint venture.

“The boards of Axis Bank, Max Financial Services (MFS) and Max Life approved the transaction late on April 27. This is an outcome of the inter-se discussions after the three companies signed a confidentiality and exclusivity arrangement on February 20, 2020, to explore the possibility of a long-term