Max Financial Services (MFS), has acquired additional stake in its life insurance arm, Max Life by purchasing stake from Axis Bank for Rs.153 crore.

Max Life is a joint venture between MFS and Japan-headquartered life insurance firm, Mitsui Sumitomo Insurance (MSI) .The company has bought 0.74% additional stake in its subsidiary, Max Life Insurance Company Ltd (Max Life), comprising 1,41,70,817 equity shares from Axis Bank, for a consideration of approx Rs.153.33 crore.

Furthermore, post-acquisition the company’s shareholding in Max Life Insurance Company Ltd (Max Life) has increased to 70.75%.

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