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Axis Bank set to acquire stake in Max Life Insurance

Sumit Arora Published On April 29th, 2020 Leave a comment

Axis Bank would acquire a 29% additional stake in Max Life Insurance for an estimated price of Rs 1,592 crore. The deal will increase the Axis Bank‘s stake in Max Life to 30%. Max Financial Services will hold the remaining 70% in the joint venture.

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The acquisition may be completed in 6-9 months & Post the deal, Max Financial Services and Axis Bank will get to nominate four and three directors respectively on the Max Life board. The total premium generated from both companies exceeded Rs 38,000 crore.

Important takeaways for all competitive exams:

Headquarters of Axis Bank: Mumbai, Maharashtra.
MD and CEO of Axis Bank: Amitabh Chaudhry.
The tagline of Axis Bank: Badhti Ka Naam Zindagi.
Max Life Insurance Company Headquarters: New Delhi.
MD & CEO of Max Life Insurance Company: Prashant Tripathy.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.