Axis Bank-Max Life Insurance deal cleared by fair trade regulator CCI
Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
The Competition Commission of India (CCI), the country's fair trade regulator, on Tuesday said it had approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company. The insurer had announced a capital infusion by Axis Bank through the issuance of 14.26 crore equity shares to help Max Life support its future growth ambitions, augment its capital position, and improve solvency margins.
While private sector lender Axis Bank provides services in retail banking, which includes retail lending, Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in the country.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Meanwhile, the competition watchdog also gave the nod to a bunch of proposed acquisitions.
It approved the acquisition of a 100 per cent equity stake of Sharekhan and Human Value Developers collectively by Mirae Asset Capital Markets (India) and Mirae Asset Securities Co, respectively.
It also cleared the acquisition of compulsorily convertible preference shares (CCPS) in Northern Arc Capital (Northern Arc/Target) by International Finance Corporation (IFC), as well as that of a 10.39 per cent shareholding of Annapurna Finance and the subscription to its certain debentures by Piramal Alternatives Trust.
The regulator also cleared the acquisition of shares of MG Motor India by IndoEdge India Fund-Large Value Fund (LVF) Scheme.
With inputs from agencies
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
10:04 PM IST