Axis Bank Ltd informed it has become co-promoters of Max Life Insurance Company Limited, after completion of the acquisition of 12.99% stake collectively by the Axis Entities in the company. Axis Bank and its two subsidiaries Axis Capital Limited and Axis Securities Limited will collectively own a 12.99% stake in Max Life after the consummation of the deal.
The Axis Entities have a right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, subject to regulatory approvals. Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February of 2021.
Important takeaways for all competitive exams:
- Max Life Insurance CEO: Prashant Tripathy;
- Max Life Insurance Founded: 2001;
- Max Life Insurance Headquarters: New Delhi;
- Axis Bank CEO: Amitabh Chaudhry;
- Axis Bank Headquarters: Mumbai;
- Axis Bank Founded: 1993.