Axis Bank to Invest Rs. 389 Crores in Axis Max Life Insurance
Mumbai – April 3, 2026 – Axis Bank Limited is set to invest up to Rs. 389 crores in Axis Max Life Insurance Limited through a preferential allotment of equity shares, according to a filing by Max Financial Services Ltd.The Board of Directors of Axis Max Life Insurance considered a proposal to raise funds via the issuance of equity shares to Axis Bank. This investment will involve the allotment of 2,50,56,200 equity shares, each with a face value of Rs. 10, at an issue price of Rs. 151.90 per share, including a share premium of Rs. 141.90.
Following the investment, Axis Bank Limited will collectively hold 19.99% of the equity share capital of Axis Max Life. Max Financial Services will retain approximately 80.01% ownership. Shareholders of Axis Bank, including Axis Capital Limited and Axis Securities Limited, will also have the right to purchase additional equity shares, potentially increasing their collective ownership to 0.98% of Axis Max Life's equity. The transaction requires approval from shareholders of Axis Max Life and other corporate approvals.
The capital infusion is intended to support Axis Max Life’s future growth initiatives. The Reserve Bank of India has already approved the proposed investment.
Shareholding Details
The table below details the proposed shareholding changes:
| Sr. No. | Name of the Proposed Allottees | Category | Pre-Preferential Holding (Shares) | % of Shares | Max No. of Shares Proposed to be Issued and Allotted | Post-Preferential Holding (Shares) | % of Shares |
|---|---|---|---|---|---|---|---|
| 1 | Axis Bank Limited | Promoter | 33,44,60,446 | 16.22 | 2,50,56,200 | 35,95,16,646 | 17.23 |
| 2 | Axis Capital Limited | Promoter | 3,83,76,257 | 1.86 | 0 | 3,83,76,257 | 1.84 |
| 3 | Axis Securities Limited | Promoter | 1,91,88,128 | 0.94 | 0 | 1,91,88,128 | 0.92 |
| Total | Total | 39,20,24,831 | 19.02 | 2,50,56,200 | 41,70,81,031 | 19.99 |
*Note: The post-issue shareholding is calculated based on full subscription and allotment.
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