Read more about Max Financial records Q4 PAT of Rs 70 cr on Business Standard. On a consolidated basis, Max Financial Services reported a net profit of Rs 70 crore in Q4 FY21, steeply higher than net profit of Rs 6.7 crore in Q4 FY20.
New Delhi [India], June 9 (ANI): Max Financial Services Ltd (MFSL) has reported profit after tax of Rs 70 crore in the January to March quarter from Rs 6.7 crore in the year-ago period.
Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country s third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer. The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former s insurance venture. Financial details were not disclosed. Max Financial Services the holding company of Max Life has offloaded 12.99 per cent stake in the insurer to Axis Bank and its subsidiaries Axis Capital and Axis Securities Ltd, according to a regulatory filing.
After long wait, Max Group sells 13% stake in life insurer Max Life to Axis Bank
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After long wait, Max Group sells 13% stake in life insurer Max Life to Axis Bank
PTI / Apr 6, 2021, 21:44 IST
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NEW DELHI/MUMBAI: Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country s third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer.
The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former s insurance venture.
Axis Bank becomes a co-promoter of Max Life
Posted On: 2021-04-06 10:17:41 (Time Zone: Arizona, USA)
Axis Bank Limited ( Axis Bank ), India s third largest private sector bank, together with its subsidiaries Axis Capital Limited and Axis Securities Limited (collectively referred to as Axis Entities ) have become the co-promoters of Max Life Insurance Company Limited ( Max Life ), after completion of the acquisition of 12.99 % stake collectively by the Axis Entities in India s fourth largest private life insurance firm - Max Life. The Board of Max Life recorded the closure of the deal today.
The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year. Max Life s holding company Max Financial Services Limited ( MFSL ) and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.