SPONSORED CONTENT

Cyril Amarchand Mangaldas advises on acquisition of 12.99 per cent stake in Max Life Insurance collectively by Axis Bank, Axis Securities and Axis Capital

April 07, 2021 23:30 IST | ANI Press Release
Tennis player James Blake
Cyril Amarchand Mangaldas

New Delhi [India], April 7 (ANI/NewsVoir): Cyril Amarchand Mangaldas acted as the legal counsel for Axis Bank Limited in relation to acquisition of 12.99 per cent stake in Max Life Insurance Company Limited (Max Life) collectively by Axis Bank Limited (Axis Bank), Axis Securities Limited (Axis Securities), and Axis Capital Limited (Axis Capital) (collectively 'Axis Group') from Max Financial Services Limited (Max Financial). The deal will result in the Axis Group being co-promoters of Max Life.

The Transaction Team was led by Yash Ashar, Partner & Head - Capital Markets and Indranath Bishnu, Partner; and included Pranjita Barman, Principal Associate and Anirud Sudarsan, Associate.

The Axis Group, Max Financial, and Max Life executed their share purchase agreement in April 2020. The transaction was approved by the Competition Commission of India (CCI) in January 2021 and the Insurance Regulatory and Development Authority of India (IRDAI) in February 2021. The Axis Group has a further right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, subject to regulatory approvals. As a part of the Transaction, the Axis Group has entered into a shareholders' agreement with the existing promoters of Max Life (which includes Mitsui Sumitomo Insurance Company Limited) to record the inter se rights and obligations of the aforesaid parties.

The Transaction was signed on 27 April 2020 and closed on 6 April, 2021.

India's Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015, and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.

The Firm received "Law Firm of the Year" award at the Asian Legal Business (ALB) India Law Awards 2020 and "Law Firm of the Year, India" at the Asialaw Regional Awards 2020. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2020" at the IFLR Asia Awards and voted as the "Employer of Choice for 2020" from India, by the Asian Legal Business.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(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

Cyril Amarchand Mangaldas advises on acquisition of 12.99 per cent stake in Max Life Insurance collectively by Axis Bank, Axis Securities and Axis Capital

New Delhi [India], April 7 (ANI/NewsVoir): Cyril Amarchand Mangaldas acted as the legal counsel for Axis Bank Limited in relation to acquisition of 12.99 per cent stake in Max Life Insurance Company Limited (Max Life) collectively by Axis Bank Limited (Axis Bank), Axis Securities Limited (Axis Securities), and Axis Capital Limited (Axis Capital) (collectively 'Axis Group') from Max Financial Services Limited (Max Financial). The deal will result in the Axis Group being co-promoters of Max Life.

The Transaction Team was led by Yash Ashar, Partner & Head - Capital Markets and Indranath Bishnu, Partner; and included Pranjita Barman, Principal Associate and Anirud Sudarsan, Associate.

The Axis Group, Max Financial, and Max Life executed their share purchase agreement in April 2020. The transaction was approved by the Competition Commission of India (CCI) in January 2021 and the Insurance Regulatory and Development Authority of India (IRDAI) in February 2021. The Axis Group has a further right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, subject to regulatory approvals. As a part of the Transaction, the Axis Group has entered into a shareholders' agreement with the existing promoters of Max Life (which includes Mitsui Sumitomo Insurance Company Limited) to record the inter se rights and obligations of the aforesaid parties.

The Transaction was signed on 27 April 2020 and closed on 6 April, 2021.

India's Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015, and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.

The Firm received "Law Firm of the Year" award at the Asian Legal Business (ALB) India Law Awards 2020 and "Law Firm of the Year, India" at the Asialaw Regional Awards 2020. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2020" at the IFLR Asia Awards and voted as the "Employer of Choice for 2020" from India, by the Asian Legal Business.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


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

image
Business Standard
177 22