Private lender Axis Bank has informed the exchanges that it has entered into a revised agreement with Max Financial to acquire the remaining 7 percent stake in the latter. The parties agreed that the valuation for the right to acquire the remaining 7 percent stake of Max Life will be through fair market value using discounted cash flow instead of valuation as per Rule 11UA of the Income Tax rules, 1962. Axis Entities have earlier acquired 12.99 percent stake in Max Life at Rs 35 per share with the right to acquire an additional 7 percent stake in the company.
Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks
In October last year, the Insurance Regulatory and Development Authority (IRDAI) had imposed a penalty of Rs 3 crore on Max Life and Rs 2 crore on Axis Bank due to violations of rules in the proposed deal. The deal was first announced in 2020, under which, Axis Bank proposed to acquire a 29 percent stake in Max Life Insurance.
The Board of Control for Cricket in India (BCCI) has made a bold and significant…
Madhya Pradesh, a state rich in culture and traditions, celebrates many colorful festivals. One of…
The Ustad Bismillah Khan Yuva Puraskar (UBKUP) is a prestigious award instituted by the Sangeet…
The Sustainable Trade Index 2024, jointly published by the Hinrich Foundation and IMD, highlights the…
The title "Frontier Gandhi" refers to Khan Abdul Ghaffar Khan, a prominent leader from British…
India will host the International Cooperative Alliance (ICA) Global Cooperative Conference in New Delhi from…