Axis Bank to buy 29% in Max Life Insurance

Axis Bank has announced that it will acquire an additional 29% stake (for Rs.1,600 crore) in Max Life Insurance. With this, the total stake of Axis Bank in Max Life Insurance will become 30%.
The remaining 70% stake will be with Max Financial Services.
After the completion of these transactions, Max Life would become a 70:30 joint venture between Max Financial Services and Axis Bank.