Axis Bank stake in Max Life Insurance likely to rise to 20% in 6-9 months: Prashant Tripathy

Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 6-9 months, the insurance company's CEO Prashant Tripathy said.

Currently, Axis Bank and its two subsidiaries Axis Capital Ltd and Axis Securities Ltd collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. "The bank currently holds about 13 per cent and we are hopeful that over the next 2-3 quarters they would be able to take it to 20 per cent," Tripathy said.