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Max Financial Services has raised stake in its life insurance arm by buying a portion from Axis Bank for ₹153 crore. MFS has acquired 0.74 per cent additional stake in its subsidiary, Max Life Insurance Company Ltd (Max Life), comprising 14,170,817 equity shares from Axis Bank, for a consideration of approximately ₹153.33 crore.
MFS said in a regulatory filing that with this, the shareholding of the company in Max Life has gone up to 70.75 per cent.
A part of the ₹3 billion Max group, MFS is the holding company for Max Life. Max Life is a joint venture between MFS and Japan-headquartered life insurance firm Mitsui Sumitomo Insurance. Max Financial Services ended higher by 1.40 per cent or ₹6.15 at ₹445.35 on the BSE.
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