Axis Bank-Max Life deal gets CCI nod

Mumbai: Axis Bank has received regulatory approvals for its proposed infusion of Rs1,612 crore in Max Life Insurance Company Limited. The Competition Commission of India (CCI) approved the subscription to 14,25,79,161 equity shares of Max Life by the bank. Regulatory approvals from IRDAI and PFRDA have also been received. This was confirmed by a source familiar with the development to Bizz Buzz.

Earlier, the bank informed the stock exchange about the proposed infusion of Rs1,612 crore by it in Max Life Insurance subject to regulatory approvals.

CCI at its meeting held on April 2, considered the proposed combination and approved the subscription to 14,25,79,161 equity shares of Max Life by the bank under subsection (1) of Section 31 of the Competition Act 2002.

Approval for the aforesaid transaction from the Insurance Regulatory and Development Authority of India (Irda) and Pension Fund Regulatory and Development Authority (PFRDA) was received by Max Life through the letters dated February 6, and November 10, 2023, respectively.

With this, all the required regulatory approvals for the proposed subscription have been received, it said.