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

Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches

axis capital | Axis Securities | Max Life

Subrata Panda  |  Mumbai 

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:

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

is the holding company of the private sector life insurer Insurance.

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First Published: Wed, February 24 2021. 21:34 IST