Max Financial surges 16% on report of Axis Bank eyeing stake in Max Life

According to the report, Axis Bank is in talks to acquire more than 20 per cent stake in Max Life Insurance through fresh issue of equity

Shares of Max Financial Services (MFS) surged 16 per cent to its fresh 52-week high of Rs 596 on the BSE on Thursday on reports that Axis Bank is in talks to acquire more than 20 per cent stake in Max Life Insurance through fresh issue of equity.

MFS is the holding company of Max Life Insurance (Max Life) -- India’s largest non bank-owned life insurer. Max Life offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners.

“Axis Bank, India’s fourth-largest private sector lender in terms of market capitalisation, is