Axis Bank to acquire 9.9% stake in Max Bupa Health's promoter entity

Max Bupa Health Insurance is as a joint venture between private equity group True North and Bupa.

Axis Bank will pick up a 9.9 per cent stake in Fettle Tone LLP, a promoter of Max Bupa Health Insurance Company, for Rs 90.8 crore to strengthen is insurance business.

Axis, which is privately owned, said in a BSE filing it has signed agreements with Fettle Tone LLP and its partners (on March 13).

Max Bupa Health Insurance (MBHI) is as a joint venture between private equity group True North and Bupa, a global health insurance and healthcare company. Fettle Tone LLP is a special purpose vehicle (SPV) set up by True North Fund; it holds a 5.6 per