India's Axis Bank raises stake in Max Life Insurance for $4.3 mln
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 19 2024
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Source: reuters
- Axis Bank Acquires More Shares in Max Life Insurance: Axis Bank acquired additional equity shares of Max Life Insurance Company for 3.36 billion rupees, increasing its total holding in the insurance firm to 19.99%.
- Approval by Axis Bank's Board of Directors: The bank's board of directors approved the proposal to acquire Max Life shares, leading to the increase in Axis entities' ownership in the insurance company.
- Positive Market Reaction: Following the news, shares of Axis Bank rose by 2.2%, making it one of the top gainers on the Nifty 50 index.
- Previous Increase in Holding: In April, Axis entities had raised their holding in Max Life to 19.02% from 12.99%, after initially acquiring a stake in the company in 2020.
- Max Financial Services Business: Max Financial Services, the holding company of Max Life Insurance, is involved in investment business and provides management advisory services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
