The private lender will purchase shares in Max Life along side its subsidiaries, i.e. Axis Bank and its subsidiaries.
the Federal Reserve Bank of India has advised Axis Bank that the appliance for direct acquisition of 17.002 per cent has not been considered, it said during a regulatory filing. Earlier in August.
Axis Bank had announced the direct acquisition of 17.002 per cent of equity share capital of Max life assurance Company Ltd, after it entered into a definitive agreement with Max Financial Services Ltd.
Axis Bank in a recent BSE filing informed that the Reserve Bank of India (RBI) has refused it to directly acquire 17% stake in Max Life Insurance.Under the revised agreements,Axis Bank squeez Max life assurance deal after RBI rejects.
Friday, Axis said that its total stake in Max life assurance will remain within the bounds stipulated under the applicable laws and regulations. Originally, Axis Bank was to accumulate 29 per cent stake in Max Life.
