The Competition Commission of India (CCI) on Tuesday said that it has approved the transaction involving Axis Bank’s additional 6 per cent stake buy in Max Life Insurance, a private life insurer. The deal, valued at ₹1,612 crore, had received IRDAI nod in February this year.

“The Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Limited by Axis Bank Ltd,” CCI said in a post in ‘X’, formerly Twitter.

Pension regulator PFRDA had already approved the proposed change in Max Life’s shareholding pattern pertaining to the infusion of capital by Axis Bank.

Axis Bank’s capital infusion is expected to  help support Max Life’s future growth ambitions, augment its capital position and improve solvency margins.

Axis Bank’s Board had in August last year approved the proposal to infuse ₹1,612 crore in Max Life, resulting in the bank’s direct stake in Max Life increasing to 16.22 per cent and the collective stake of Axis Entities rising to 19.02 per cent. 

Post this additional 6 per cent acquisition by Axis Bank, the stake of Max Financial Services Ltd (MFSL) in Max Life would come down from 87 per cent to 81 per cent.

In April 2021, Axis Bank and its subsidiaries, Axis Securities and Axis Capital, collectively acquired a 12 per cent stake in Max Life through a secondary transfer from Max Financial.

MG Motor India

Meanwhile, CCI has separately approved the acquisition of around 8 percent of the share capital of MG Motor India Private Ltd by InfoEdge India Fund-LVF Scheme.

Annapurna Finance

In another transaction, the competition watchdog has approved the acquisition of 10.39 per cent shareholding of Annapurna Finance Pvt Ltd and subscription to its certain debentures by Piramal Alternatives Trust.


Meanwhile, the Competition Commission of India (CCI) has approved acquisition of 100 percent equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively.

Sharekhan Ltd (SKL) is currently engaged in the business of stock broking, commodities / currency derivatives broking and related product and services.

Human Value Developers Pvt. Ltd. (HVDPL) is an investment holding company that holds certain stake in SKL and does not undertake any other business activity.

Mirae Asset Securities Co. Ltd. (MAS) is a public limited company currently listed on the Korea Exchange, having wealth management, investment banking, sales and trading, and principal investment as its principal businesses, among others. Mirae Asset Capital Markets (India) Pvt. Ltd. (MACM) is a financial advisory, brokerage firm and is a wholly-owned subsidiary of MAS.


In another transaction, CCI has approved the acquisition of Compulsorily Convertible Preference Shares (CCPS) in Northern Arc Capital Limited (Northern Arc/Target) by the International Finance Corporation (IFC), part of the World Bank Group.

The proposed combination involves the acquisition of fully paid Series C CCPS in Northern Arc by IFC.

The Subscription Shares represent approximately 6 percent of the total issued and paid-up share capital of Target on a fully diluted basis along with certain affirmative voting rights and board nomination rights.