(ET)
Axis Bank is set to acquire nearly 30% of Max Life Insurance Co. from Max Financial Services Ltd, the flagship listed company of Analjit Singh, for ₹1,600 crore, two people familiar with the development. India’s fourth-largest private sector bank will become a strategic partner of the life insurance firm, in which Max Financial will eventually hold 70% after a two-stage transaction.
“In the secondary share sale transaction, Max Financial Services Ltd will divest 28.6% stake in Max Life Insurance for about ₹1,600 crore to Axis Bank,” said one of the persons on condition of anonymity as the deal has yet to be presented to the company boards. The transaction is priced at book value, he added.
