Business

Axis Bank-Max Life Insurance deal cleared by fair trade regulator CCI


The Competitors Fee of India (CCI), the nation’s truthful commerce regulator, on Tuesday mentioned it had permitted Axis Financial institution’s proposed acquisition of a stake in Max Life Insurance coverage Firm. The insurer had introduced a capital infusion by Axis Financial institution via the issuance of 14.26 crore fairness shares to assist Max Life help its future progress ambitions, increase its capital place, and enhance solvency margins.

Whereas non-public sector lender Axis Financial institution gives companies in retail banking, which incorporates retail lending, Max Life Insurance coverage is engaged within the enterprise of offering life insurance coverage and annuity merchandise and funding plans within the nation.

Offers past a sure threshold require approval from the regulator, which retains a tab on unfair enterprise practices in addition to promotes truthful competitors within the market.

In the meantime, the competitors watchdog additionally gave the nod to a bunch of proposed acquisitions.

It permitted the acquisition of a 100 per cent fairness stake of Sharekhan and Human Worth Builders collectively by Mirae Asset Capital Markets (India) and Mirae Asset Securities Co, respectively.

It additionally cleared the acquisition of compulsorily convertible choice shares (CCPS) in Northern Arc Capital (Northern Arc/Goal) by Worldwide Finance Company (IFC), in addition to that of a 10.39 per cent shareholding of Annapurna Finance and the subscription to its sure debentures by Piramal Options Belief.

The regulator additionally cleared the acquisition of shares of MG Motor India by IndoEdge India Fund-Massive Worth Fund (LVF) Scheme.

With inputs from businesses





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