Cyril Amarchand Mangaldas advises Axis Bank on acquisition of additional 6.23% stake in Max Life for INR 1,612 crore [Business Wire India]

New Delhi, Aug. 23 -- Cyril Amarchand Mangaldas advised Axis Bank Limited (Axis Bank) on infusion of INR 1612 crore into Max Life Insurance Company Limited (Max Life) by way of subscription to shares of Max Life.

The General Corporate Practice of Cyril Amarchand Mangaldas advised Axis Bank Limited on the transaction. The transaction team was led by Indranath Bishnu, Partner and Pranjita Barman, Partner; with support from Anirud Sudarsan R, Principal Associate and Shravan Belsare, Associate.

As part of the transaction, Axis Bank has agreed to infuse Rs 1,612 crore in Max Life by subscribing to shares on a preferential basis. This will result in Axis Bank's direct stake increasing to 16.22% in the life insurer. The collective stake of Axis Entities i.e. Axis Bank Limited, Axis Capital Limited and Axis Securities Limited will increase to 19.02% in Max Life.

Axis Bank has the requisite approval from the Reserve Bank of India (RBI) for the proposed acquisition. Additionally, the transaction requires consent from other regulators, including IRDAI, PFRDA, and CCI (if applicable). The Axis Entities, had in 2021, collectively acquired a 12.99% stake in Max Life. Axis Bank had the right to acquire an additional stake of up to 7% in the insurer in one or more tranches.

The Transaction was signedon 9th August 2023 and closing will happen roughly 4-6 months from the signing date.About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (cam) is India's leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.

The Firm recently received "Innovation in Advancing Markets" award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the "National Law Firm of the Year: India" award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won "India Deal Firm of the Year" at the ALB India Awards and "Firm of the Year" at the IFLR1000 India Awards in 2021. Published by HT Digital Content Services with permission from Business Wire India. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]