Axis Bank share price rose 2 percent intraday on August 25 after the bank proposed to acquire only 17 percent share of Max Life Insurance instead of the 29 percent stake it had proposed to buy earlier.
Axis Bank now proposes to acquire 17.002 percent of the equity share capital of Max Life, a material subsidiary of Max Financial Services, resulting in total ownership of 18 percent post the transaction, the bank said in the BSE release.
The parties have executed the definitive agreements, the company said.
The deal terms have also reportedly been tweaked after the Insurance Regulatory and Development Authority of India (IRDAI) raised concerns over four clauses in the agreement.
"Axis Bank and Max Life will shortly approach the respective regulatory authorities, with revised applications for their consideration and approval. The transaction is subject to regulatory approvals," the bank said.
At 11:37 hrs Axis Bank was quoting at Rs 452.15, up Rs 6.45, or 1.45 percent on the BSE.
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