CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Axis Bank plans to raise its stake in Max Life Insurance by up to Rupees 336 crore. This transaction will increase Axis Entities' aggregate shareholding from 19.02% to 19.66%.
Board Approval
On June 19, 2024, the Acquisitions, Divestments, and Merger Committee of Axis Bank's Board of Directors accepted the plan. The acquisition will be completed with cash consideration.
Previous Investments
In August 2023, Axis Bank's Board approved a Rupees 1,612 crore infusion into Max Life, bringing the bank's direct ownership to 16.22% and Axis Entities' combined stake to 19.02%. Previously, in April 2021, Axis Bank and its subsidiaries purchased a 12% share in Max Life via a secondary transfer from Max Financial.
Impact On Max Life
Max Life Insurance reported a Gross Written Premium of Rupees 29,529 crore for the 2023 investment. Axis Bank's increased stake acquisition is part of a larger drive to strengthen its position in the insurance market.
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