| Updated on February 29, 2016 Published on February 29, 2016

Max Financial Services Ltd has informed BSE that Max Financial Services Limited (formerly known as Max India Limited) ("Company") had by way of its disclosure letters dated October 21, 2015 and October 23, 2015 informed the proposal to increase the equity participation of Axis Bank Limited ("Axis Bank") in Max Life Insurance Company Limited ("MLIC"), a joint-venture between the Company and Mitsui Sumitomo Insurance Company Limited ("MSI").

The Company further would like to inform that on February 29, 2016 the Company and MSI have collectively sold 95,748,762 shares, or 4.99% equity stake, in MLIC to Axis Bank for a cash consideration of Rs. 10/- per share. Of this, the Company has sold 76,560,635 shares, or 3.99% equity stake, to Axis Bank for an aggregate consideration of Rs. 76.56 crores. Consequent to this transaction, the equity stake of the Company, MSI and Axis Bank in MLIC is 68.01%, 25% and 5.99% respectively.

Source : BSE - >www.bseindia.com

Published on February 29, 2016
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