Axis Bank Confirms Receipt of All Regulatory Approvals for Acquisition of Shares in Max Life Insurance
New Delhi, April 3 (IANS) – Axis Bank has confirmed that all regulatory approvals for the proposed subscription of shares in Max Life Insurance have been received. The private lender had informed about the infusion of Rs 1,612 crore in Max Life Insurance on August 9, 2023, subject to approvals.
The Competition Commission of India (CCI) approved the subscription to 14,25,79,161 equity shares of Max Life by the Bank under the Competition Act, 2002. The approval was given at a meeting held on April 2, 2024, as per the letter dated April 2, 2024, from the CCI.
Max Life received approval for the transaction from the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) through letters dated February 6, 2024, and November 10, 2023, respectively. Axis Bank stated, “With this, all the required regulatory approvals for the proposed subscription have been received.”
This development marks a significant step towards the proposed subscription of shares in Max Life Insurance by Axis Bank. The approval from CCI, IRDAI, and PFRDA paves the way for the infusion of Rs 1,612 crore by the private lender to strengthen its position in the insurance sector. The partnership between Axis Bank and Max Life is expected to benefit both entities and enhance their market presence.