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.
Silk, often hailed as the queen of textiles, holds a significant place in India's cultural…
World Tuna Day, observed annually on May 2nd, is dedicated to raising awareness about the…
The Ministry of Corporate Affairs (MCA) has granted its approval for the appointment of Hitesh…
India, renowned for its rich tapestry of natural landscapes and cultural heritage, is home to…
Paul Auster, the renowned American novelist and filmmaker, has passed away at the age of…
Renowned playback singer Uma Ramanan, who predominantly sang in Tamil, passed away at the age…