Max Financial Services Ltd (MFSL) on Wednesday said the Insurance Regulatory and Development Authority of India (IRDAI) has given its approval to deal with entities.
About deal
Now, Axis Entities can acquire up to 19 percent stake in Max Life, of which, Axis Bank proposes to acquire up to 9 percent and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3 percent of the share capital of Max Life in the first leg of the transaction.
In addition, Axis Entities have the right to acquire an additional stake of up to 7 percent in Max Life, in one or more tranches, which they intend to acquire over the course of the next few years.
Impact on Stock Market
Shares of Max Financial Services hit a 52-week high of Rs938.65 apiece on Thursday on the National Stock Exchange, rising 6.3% from previous close.
Press the 🔔 Icon for notifications of all new updates
