The Insurance Regulatory and Development Authority of India (IRDAI) has granted approval for Axis Bank’s capital infusion into Max Life.
According to a filing by Max Financial Services, the Pension Fund Regulatory and Development Authority (PFRDA) has already approved the proposed change. The capital infusion of Rs 1,612 crore by Axis Bank into Max Life will be consummated upon the approval from the Competition Commission of India (CCI).
Earlier, the company had made a disclosure in August 2023 by the way of issuance of 14,25,79,161 equity shares of Max Life to Axis Bank for an aggregate investment of Rs 1,612 crore, which will help Max Life to support its future growth ambitions, to augment its capital position, and to improve solvency margins.
