Axis Bank Limited ("Axis Bank") had earlier announced execution of definitive agreements with Max Financial Services Limited ("Max Financial") for an acquisition of a part of the equity share capital of Max Life Insurance Company Limited ("Max Life"), a material subsidiary of Max Financial, by Axis Bank and its subsidiaries, i.e., Axis Securities Limited and Axis Capital Limited (collectively with Axis Bank, the "Axis Entities").
In this regard, Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.
Shares of AXIS BANK LTD. was last trading in BSE at Rs.753.3 as compared to the previous close of Rs. 715.85. The total number of shares traded during the day was 2382990 in over 29605 trades.
The stock hit an intraday high of Rs. 754.4 and intraday low of 700.15. The net turnover during the day was Rs. 1738321159.