Non-public lender Axis Financial institution mentioned on Monday that it has diminished the dimensions of the stake that it plans to purchase in Max Life Insurance coverage to 17 per cent from 29 per cent. Axis Financial institution, which already holds a minority stake in Max Life, will personal an 18 per cent curiosity within the insurer after the deal, the Mumbai-based lender mentioned in a regulatory submitting. “Axis Financial institution now proposes to accumulate 17.002 per cent of the fairness share capital of Max Life, leading to complete possession of 18 per cent put up the transaction,” it mentioned.
Earlier in April this yr, Axis Financial institution had mentioned it’ll purchase 29 per cent stake in Max Life Insurance coverage Firm from Max Monetary Providers Restricted (MFSL), the flagship listed firm of Max Group, in an effort to strengthen its place within the life insurance coverage business.
The monetary phrases of the revised deal weren’t disclosed within the submitting, nevertheless in response to information company Reuters, initially Axis Financial institution had deliberate to lift its stake within the insurer to 30 per cent for about Rs 1,590 crore.
Axis Financial institution is the third largest non-public financial institution and Max Life is the fourth largest non-public life insurer in India.
At Monday’s closing bell, the Axis Financial institution inventory closed at Rs 445.70, up 1.20 per cent, whereas Max Monetary Providers ended buying and selling 1.38 per cent beneath earlier closing mark.