The Insurance Regulatory and Development Authority of India (Irdai) has given its nod to Axis entities — Axis Bank and its subsidiaries — for acquiring up to 12 per cent stake in Max Life Insurance, paving the way for Axis firms to become a joint venture partner in the life insurance company.
Axis Bank will acquire 9 per cent stake in the life insurance company while Axis Capital and Axis Securities will acquire another 3 per cent in the first leg of the transaction. Furthermore, Axis entities — Axis Capital & Axis Securities — will have the right to acquire another 7 per cent in the life insurance company, something they intend to do in the coming years.
Max Financial Services is the holding company of the private sector life insurer Max Life Insurance.
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