Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins
NEW DELHI:
Max Financial Services, the parent company of Max Life Insurance, on Tuesday said Irdai has approved an infusion of Rs 1,612 crore in the insurance firm by Axis Bank.
Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
“In continuance to the above-mentioned disclosure, we are pleased to inform that the Insurance Regulatory and Development Authority of India (IRDAI), through issuing a letter dated February 6, 2024, to Max Life, has approved the capital infusion by Axis Bank into Max Life, subject to the approval of CCI,” the insurer said in a filing.
The fund infusion by the Axis Bank will happen after approvals by the Competition Commission of India.