Public Sector

CII approves acquisition of stake by Axis Bank, Axis Capital Ltd

CII approves acquisition of stake by Axis Bank, Axis Capital Ltd

CII approves acquisition of stake by Axis Bank, Axis Capital Ltd & Axis Securities Ltd in Max LIC Ltd

New Delhi: CII approves acquisition of stake by Axis Bank, Axis Capital Ltd & Axis Securities Ltd in Max LIC Ltd – The Competition Commission of India (CCI) endorses the procurement of stake by Axis Bank Limited, Axis Capital Limited, and Axis Securities Limited in Max Life Insurance Company Limited.

Hub Bank Limited offers types of assistance in retail banking, which incorporates retail loaning and retail stores, discount banking, installment arrangements, abundance the board, forex and settlement items, appropriation of shared asset plans, and conveyance of protection strategies.

Pivot Capital Limited is occupied with the matter of giving and modified arrangements in the zones of venture banking and institutional values occupied with the matter of broking, circulating monetary items and warning administrations.

Max Life Insurance Company Limited is a Life Insurance organization enrolled with the Insurance Regulatory and Development Authority of India (IRDAI). It is occupied with the matter of giving disaster protection and annuity items and speculation plans in India.

The proposed blend affirmed by CCI identifies with expanding shareholding in Max Life Insurance Company Limited (Target) to roughly 9.9% by Axis Bank Limited and procurement of 2% and 1% shareholding in the Target by Axis Capital Limited and Axis Securities Limited individually.

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