Axis Bank gets IRDAI approval to infuse ₹1,612 Crore into Max Life Insurance

7 Feb 2024 , 10:23 AM

Max Financial Services reported on Tuesday that the Insurance Regulatory and Development Authority of India (IRDAI) has approved Axis Bank’s capital infusion of ₹1,612 Crore into its major subsidiary, Max Life Insurance.

As part of the agreement, Max Life will issue approximately 14,25,79,161 equity shares to Axis Bank for an aggregate investment of the aforementioned amount. The business stated in an exchange statement that the capital infusion will help Max Life to support its future growth ambitions, augment its capital position, and improve solvency margins.

While the Pension Fund Regulatory and Development Authority (PFRDA) has already approved the transaction, the Competition Commission of India (CCI) has also been approached for the approval.

On August 9, 2023, the Axis Bank Board accepted a proposal to inject ₹1,612 Crore into Max Life, bringing Axis Bank’s direct interest to 16.22% and the combined share of Axis Entities to 19.02%.

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