Private sector lender Axis Bank on Tuesday said it would acquire an additional 29 per cent stake in Max Life Insurance for an estimated price of Rs 1,592 crore, raising its total holding in the life insurer to 30 per cent after the completion of the deal.
Max Financial Services will hold the remaining 70 per cent in the joint venture.
Axis is looking to purchase around 556 million shares of Max Life Insurance at a price of Rs 28.61 per share, but the estimate will change based on the date when the deal is closed. The bank will acquire the shares from Max Financial Services and sign a shareholders’ agreement and a share-purchase agreement.
The boards of Axis Bank and Max Financial Services (MFS) met on April 27 and gave the go-ahead to the deal. This comes after the signing of