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.
Shri Chanchal Kumar has taken charge as the Secretary of the Ministry of Information and…
The Government of India has appointed the Famous Sand artist Mr. Sudarshan Pattnaik as the…
Good Friday which is one of the most sacred days in Christianity. This day will…
Water is the most important drink in the world because every living being needs it…
When we think about continents, we usually imagine green forests, tall trees and rich plant…
Defense sector of the India has achieved the historic milestone as the defense exports reached…