CURRENT AFFAIRS : BANKING & FINANCE
Competition Commission of India Greenlights Axis Bank’s Acquisition of ₹1,612 Crore Stake in Max Life Insurance
- The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s additional 6% stake buy in Max Life Insurance, a private life insurer.
- The deal, valued at ₹1,612 crore, received an IRDAI nod in February 2024.
Key Highlights :
- Background of Capital Infusion : In August 2023, Axis Bank announced a capital infusion into Max Life Insurance by issuing 25 crore equity shares.
- The purpose of the capital infusion was to support Max Life’s future growth ambitions, enhance its capital position, and improve solvency margins.
- This resulted in Axis Bank’s direct stake in Max Life increasing to 22%, with the collective stake of Axis Entities rising to 19.02%.
