Latest News | Axis Bank Shares Jump over 4 Pc
Get latest articles and stories on Latest News at LatestLY. Shares of Axis Bank gained over 4 per cent in the morning trade on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) gave its approval to Axis Bank and two of its subsidiaries for acquiring stake in Max Life Insurance.
New Delhi, Feb 25 (PTI) Shares of Axis Bank gained over 4 per cent in the morning trade on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) gave its approval to Axis Bank and two of its subsidiaries for acquiring stake in Max Life Insurance.
The stocks were trading 4.17 per cent higher at Rs 780 on the BSE.
On the NSE, the bank's shares rose 4.12 per cent at Rs 780.30 apiece.
Max Financial Services Ltd (MFSL) on Wednesday said IRDAI has given its approval for the acquisition of up to 12 per cent stake in Max Life Insurance by Axis Bank and its subsidiaries -- Axis Capital and Axis Securities.
As per the proposed transaction, Axis entities have the right to acquire up to 19 per cent stake in Max Life; of which, Axis Bank proposes to acquire up to 9 per cent. Axis Capital and Axis Securities together propose to acquire up to 3 per cent of the share capital of Max Life in the first leg of the transaction, according to a statement.
The approval from the insurance regulator was an integral step in this joint venture transaction which was first announced in April 2020, the statement said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)