India's Axis Bank raises stake in Max Life Insurance for $4.3 mln

Max Financial Services

19/06/2024 09:56

BENGALURU, June 19 (Reuters) - India's Axis Bank
 AXBK.NS  acquired additional equity shares of Max Life
Insurance Company, a unit of Max Financial Services  MAXI.NS ,
for 3.36 billion rupees ($4.32 million), the private lender said
on Wednesday.
     The bank's board of directors approved the proposal to
acquire Max Life shares, raising Axis entities' total holding in
the insurance firm to 19.99% from 19.02%.
    Axis entities include the bank as well as investment
solutions provider Axis Securities and financial services
provider Axis Capital. 
    Shares of the bank, India's fifth largest by market
capitalisation, jumped as much as 2.2% after the news. The stock
was among the top gainers on the Nifty 50 index  .NSEI .
    Axis entities' had raised their holding in Max Life to
19.02% from 12.99% earlier in April, originally acquiring a
stake in the company in 2020. 
    Max Financial Services, Max Life Insurance's holding
company, engages in investment business and provides management
advisory services.
        
($1 = 83.4125 Indian rupees)

 (Reporting by Dimpal Gulwani; Editing by Janane Venkatraman
)
 ((Dimpal.Gulwani@thomsonreuters.com;))