REG - Axis Bank Ltd - Disclosure - Regulation 30 of SEBI(LODR) Reg, 2015

Axis BankAnnouncement

10/01/2023 08:45

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RNS Number : 2341M  Axis Bank Limited  10 January 2023

 AXIS/CO/CS/493/2022-23

 

 January 10, 2023

 

 Dear Sir(s),

 

 Sub:  Disclosure under Regulation 30 of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

This is with reference to our earlier letters dated April 28, 2020, July 23,
2020, August 24, 2020, October 30, 2020, February 24, 2021 and April 6, 2021,
informing about the acquisition of equity shares of Max Life Insurance Company
Limited ("Max Life"), a material subsidiary of Max Financial Services Limited
("Max Financial") by Axis Bank Limited ("Axis Bank") and its subsidiaries,
i.e., Axis Securities Limited and Axis Capital Limited (together referred to
as "Axis Entities") under definitive agreements.

 

Accordingly, Axis Entities had collectively acquired 12.99% of the equity
share capital of Max Life. In addition, Axis Entities have a right to acquire
an additional stake of upto 7.00% of the equity share capital of Max Life, in
one or more tranches at a valuation as per Rule 11UA of the Income Tax Rules,
1962.

 

In this regard, we would like to inform you that Axis Entities have entered
into revised agreements with Max Financial on January 9, 2023, agreeing that
the valuation for the right to acquire the balance 7.00% equity stake of Max
Life would be at Fair Market Value using Discounted Cash Flows instead of
valuation as per Rule 11UA of the Income Tax Rules, 1962. This revision has
been done consequent to the guidance received by Max Life from the Insurance
Regulatory and Development Authority.

 

This is for your information and records.

 

Thanking you,

 

Yours Sincerely,

For Axis Bank Limited

 

 

 

Sandeep Poddar

Company Secretary

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