New Delhi, Feb 6 (IANS) Insurance regulator, IRDAI has approved the capital infusion by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI.
The PFRDA has already approved the proposed change in shareholding pattern of Max Life pertaining to the infusion of capital by Axis Bank into Max Life. Accordingly, the capital infusion of Rs 1,612 crore by Axis Bank into Max Life will be consummated upon the approval from the CCI, Max Financial Services said in a filing.
The company had made a disclosure earlier dated August 9, 2023 on capital infusion by Axis Bank into Max Life 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.
The said proposal was approved by the company, subject to the receipt of all corporate and regulatory approvals including from the Insurance Regulatory and Development Authority of India (IRDAI), the Pension Fund Regulatory and Development Authority (PFRDA), and the Competition Commission of India (CCI).