You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

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

Capital Market 

The private bank will pick up a 9.9% stake in Fettle Tone, a promoter of Max Bupa Health Insurance Company (MBHI), for Rs 90.80 crore to strengthen is insurance business.

The definitive agreements in connection with the proposed acquisition have been executed by Axis Bank on 13 March 2021 and the acquisition is proposed to be completed on or before 17 March 2021. The plan is aimed at strenghtening Axis Bank's position in the insurance sector.

Fettle Tone is a special purpose vehicle (SPV) set up by True North Fund VI. It is currently a promoter of MBHI and holds about 55.6% of the total share capital of MBHI. MBHI is a standalone health insurance company registered with the Insurance Regulatory and Development Authority of India.

Shares of Axis Bank were down 1.07% to Rs 742.30 on BSE. Axis Bank is the third largest private sector bank in India. The private lender's net profit tanked 36.4% to Rs 1,116.60 crore while total income fell 1.1% at Rs 19,274.39 crore in Q3 December 2020 over Q3 December 2019.

As on 31 December 2020, the bank had a network of 4,586 domestic branches and extension counters situated in 2,586 centre compared to 4,415 domestic branches and extension counters situated in 2,521 centres as at end of 31 December 2019. As on 31 December 2020, the bank had 11,629 ATMs and 5,625 cash recyclers spread across the country.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 15 2021. 09:30 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU