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Max Financial gets approval for share swap agreement with Mitsui Sumitomo

The transaction entails swapping Mitsui Sumitomo's 20.6 per cent stake in Max Life Insurance with 21.9 per cent stake in Max Financial Services

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3 min read Last Updated : Nov 19 2020 | 10:12 PM IST

Max Financial Services (MFS), the parent company of Max Life Insurance, has received an approval from the Department of Economic Affairs (DEA) to swap Mitsui Sumitomo’s stake in Max Life Insurance with shares of the company, thus consolidating its holding in the life insurance arm.

The transaction entails swapping Mitsui Sumitomo's 20.6 per cent stake in Max Life Insurance with 21.9 per cent stake in MFS, which will result in MFS's holding more than 93 per cent stake in the life insurance company. MFS will issue and allot 75.4 million shares, equivalent to 21.87 per cent of the paid-up share capital

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