The Competition Commission of India (CCI) on Thursday approved the acquisition of stake in Max Life Insurance Company Limited by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited, according to the Ministry of Corporate Affairs.
As per the proposed combination approved by CCI, the shareholding of Axis Bank in Max Life will increase to approximately 9.9 per cent.
"The proposed combination approved by CCI relates to increase of shareholding in Max Life Insurance Company Limited (Target) to approximately 9.9 per cent by Axis Bank Limited and acquisition of 2 per cent and 1 per cent shareholding in the Target by Axis Capital Limited and Axis Securities Limited respectively," read an official release.
Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex and remittance products, distribution of mutual fund schemes and distribution of insurance policies.
Axis Capital Limited is engaged in the business of providing focused and customized solutions in the areas of investment banking and institutional equities. Axis Securities Limited is engaged in the business of broking, distributing financial products and advisory services.
Max Life Insurance Company Limited is a Life Insurance Company registered with the Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in the business of providing life insurance and annuity products and investment plans in India.
Detailed order of the CCI will follow, said the release.
( With inputs from ANI )
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