Axis Bank to buy 19.002% stake in Max Life against 17% earlier
- Axis Bank has announced that it will acquire 19.002% stake in Max Life as against 17.002% stake decided earlier.
- The decision has been taken after, the RBI rejected Axis Banks proposal to buy 17.002% stake in Max Life.
- Now under the revised scheme, Axis Bank along with its subsidiaries Axis Capital and Axis Securities will acquire a total of 19.002% stake in Max Life.
- The further bifurcation of this 19.002% is as follows. Axis Bank will acquire up to 9.002% of the equity share capital of Max Life. While, Axis Capital and Axis Securities together will acquire up to 3%of the share capital of Max Life.
Points to remember:
- Which bank will acquire 19% or 19.002% stake in Max Life Insurance?- Axis Bank
- What is the percent of equity share that Axis Bank will acquire in Max Life?- 19% or 19.002% as appears in the option of examination
Source: economic times