The Insurance Regulatory and Development Authority of India (IRDAI) has approved Axis Bank NSE 5.15 %’s proposal to acquire 12% stake in Max Life along its subsidiaries Axis Capital and Axis Securities, Max Financial said in a statement on Wednesday.
As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital Limited and Axis Se ..