Axis Bank acquires 12.99% stake in Max Life Insurance to become co-promoter

Current GK ( Master) Financial System

The private sector lender Axis Bank, along with its subsidiaries, Axis Capital and Axis Securities, have completed the acquisition of 12.99 percent stake in the Max Life Insurance Company on April 13, 2021.
With this acquisition, Axis Entities have collectively become co-promoters of the life insurance company.
Apart from this, the Axis Entities have a right to acquire an additional stake of up to 7 percent in Max Life, in one or more tranches, subject to regulatory approvals.