Axis Bank acquires additional stake in Max Life Insurance - a subsidiary of Max Financial - at a cost of Rs 336 crore, the lender said in a exchange filing on June 19.

• With the stake purchase, the aggregate shareholding of Axis entities in Max Life has increased from 19.02% to 19.99%. 
• Shares of Axis Bank were trading higher at 1:30pm, while the stock of Max Financial has been subdued after slipping from early highs. 
• This strategic move comes after Axis Bank received regulatory approval in August 2023 to inject Rs.1,612 crore into Max Life Insurance by subscribing to shares on a preferential basis, initially increasing Axis entities' stake to 19.02%.