Business Standard

CCI clears Axis Bank's proposed acquisition of stake in Max Life Insurance

"Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd," according to a post by CCI on X

Axis Bank

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. (Photo: Bloomberg)

Press Trust of India New Delhi

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Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd.
Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
"Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd," according to a post by CCI on X.
Private sector lender Axis Bank provides services in retail banking, which includes retail lending, while Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 02 2024 | 11:03 PM IST

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