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Axis Bank enters into revised agreement with Max Financial

Capital Market 

For acquisition of up to 19.002% stake in Max Life

Axis Bank and its subsidiaries i.e. Axis Capital and Axis Securities have agreed to enter into revised agreements with Max Financial for acquisition of upto 19.002% of the equity share capital of Max Life.

Axis Bank's total stake in MLI will remain within the limits stipulated under the applicable laws and regulations. Under the Revised Agreements, Axis Bank will acquire upto 9.002% of the equity share capital of Max Life, and, Axis Capital and Axis Securities will together acquire upto 3.000% of the share capital of Max Life.

In addition, Axis Entities will have a right to acquire an additional stake of upto 7.000% of the equity share capital of Max Life, in one or more tranches, in accordance with existing laws and regulations. The Revised Agreements will supersede the previous agreements entered into between the parties. The transaction is subject to conditions precedent, including regulatory approvals.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 30 2020. 16:17 IST