Axis Bank Limited has acquired an additional 6.23% stake by making an infusion of ₹1,612 crores into Max Life Insurance Company Limited by way of subscription to shares of Max Life.
This will result in Axis Bank’s direct stake increasing to 16.22% in the life insurer. The collective stake of Axis Entities i.e. Axis Bank Limited, Axis Capital Limited and Axis Securities Limited will increase to 19.02% in Max Life.
The General Corporate Practice of Cyril Amarchand Mangaldas advised Axis Bank Limited on the transaction.
The transaction team was led by Indranath Bishnu (Partner) and Pranjita Barman (Partner); with support from Anirud Sudarsan R (Principal Associate) and Shravan Belsare (Associate).
AZB & Partners advised Max Life Insurance Company, Max Financial Services and Analjit Singh and Max Ventures Investments Holdings (“Promoter”) on this deal.
The transaction team consisted of Anil Kasturi (Partner), Niladri Maulik (Partner) and Nikita Agarwal (Senior Associate).
Axis Bank has the requisite approval from the Reserve Bank of India (RBI) for the proposed acquisition. Additionally, the transaction requires consent from other regulators, including IRDAI, PFRDA, and CCI (if applicable). The Axis Entities, had in 2021, collectively acquired a 12.99% stake in Max Life. Axis Bank had the right to acquire an additional stake of up to 7% in the insurer in one or more tranches.
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