India’s Axis Bank has increased its stake in Max Life Insurance Company, a subsidiary of Max Financial Services, by acquiring additional equity shares worth 3.36 billion rupees ($4.32 million), the private lender announced on Wednesday. This move raises the total ownership of Axis entities in the insurance firm to 19.99%, up from 19.02%.
The decision was approved by the bank’s board of directors and encompasses various entities under Axis, including Axis Securities and Axis Capital. Earlier in April, Axis entities had raised their stake in Max Life from 12.99% to 19.02%. Axis Bank originally acquired a stake in Max Life in 2020.
Following the announcement, shares of Axis Bank, the fifth largest by market capitalisation in India, surged by 2.2%. The bank’s stock was among the top gainers on the Nifty 50 index (.NSEI).
Max Financial Services, the holding company of Max Life Insurance, is involved in investment activities and provides management advisory services.
(1 US dollar = 83.4125 Indian rupees)
