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.
India finished their Asian Games 2026 with a fourth place performance after achieving an impressive…
The India national men’s hockey team retained their Asian Games title by defeating Malaysia 5-1…
The Indian wrestler Aman Sehrawat clinched the gold medal in men’s 57kg freestyle wrestling during…
PM Narendra Modi’s monthly radio programme ‘Mann Ki Baat’ marked its 12-year anniversary on October…
World Animal Day to be celebrated on the 4th of October each year to make…
India secured gold in the men's cricket final of the Asian Games 2026 by beating…