Axis Bank stake in Max Life likely to rise to 20 pc in 12-18 months
In line with the proposed deal, Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 12-18 months, said the insurance company's CEO Prashant Tripathy said. Currently, Axis Bank and its two subsidiaries -- Axis Capital Ltd and Axis Securities Ltd -- collectively own 12.99 per cent in Max Life Insurance post approval of the deal in April this year. With this, Axis entities have now become co-promoters of Max Life with three board seats. "Axis Bank is to increase to 19.99 per cent in tranches. Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. So, it will reach about 20 per cent and that will be the ownership of Axis Bank," Tripathy told PTI. When asked about the timeline for the completion of the remaining stake transfer, he said: "It should happen in the next 12 to 18 months." Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven13-06-2021
