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News Details

Axis Bank surges over 3 pct on stake buy in Max Life Insurance

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01/03/2016 11:31
Shares of Axis Bank rose over 3 per cent on Bombay Stock Exchange (BSE) after the bank informed BSE that it has raised its stake in Max Financial Services' insurance JV Max Life Insurance by 4.99 percentage points to 5.99 per cent from 1 per cent earlier, for a total consideration of Rs 95.75 crore.

In a filing to the third largest private lender said, "The bank has purchased 9,57,48,762 shares, or 4.99 per cent equity stake, in Max Life Insurance Company Limited from Max Financial Services, formerly known as Max India, and Mitsui Sumitomo Insurance Company Limited for a total cash consideration of Rs. 95.75 crore. Following the development, shares of the bank surged 3.24 per cent to Rs 387.40 a piece on Bombay Stock Exchange.

Shares of the bank gained 3.14 per cent to Rs 387.55 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 23,525.51, up 523.51 points, or 2.28 per cent at 11.20 hours.