Axis Bank proposes to infuse Rs 1,612 crore in Max Life Insurance. Approval for the transaction from the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) was received by Max Life through the letters dated February 6, 2024, and November 10, 2023, respectively
New Delhi:
The Axis Bank said on Wednesday that all the required regulatory approvals for the proposed subscription of shares in Max Life Insurance have been received.
On August 9, 2023, Axis Bank informed about the proposed infusion of Rs 1,612 crore by the private lender in Max Life Insurance Company Limited, subject to regulatory approvals.
The Competition Commission of India (CCI) has, vide its letter dated April 2, 2024, intimated that the CCI, at its meeting held on April 2, 2024, considered the proposed combination and approved the subscription to 14,25,79,161 equity shares of Max Life by the Bank under Subsection (1) of Section 31 of the Competition Act, 2002.
Approval for the aforesaid transaction from the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) was received by Max Life through the letters dated February 6, 2024, and November 10, 2023, respectively, Axis Bank said.
“With this, all the required regulatory approvals for the proposed subscription have been received,” it added.
IANS