Axis Max Life Insurance Exercises Call Option on INR 496 Crore Debentures
Axis Max Life Insurance Limited (formerly known as Max Life Insurance Co. Ltd.) has exercised its call option to fully redeem and recall a tranche of unsecured, subordinated debentures issued under the terms of their original issue.The company announced the exercise of the call option regarding 4,960 specified non-convertible debentures. The total face value aggregated across these debentures stands at INR 4,960,000,000/- (Indian Rupees Four Hundred Ninety Six crore only).
The debentures are described as unsecured, subordinated, listed, rated, redeemable, non-cumulative, taxable, and non-convertible.
Key details regarding the debt instruments are provided below:
| Security Name | ISIN Number |
|---|---|
| 7.50% Max Life Insurance 2031 | INE511N08016 |
Axis Max Life determined that the call option, which was exercisable five years from the Deemed Date of Allotment, would be utilized to retire the instruments. The debentures were originally issued with a face value of INR 10,00,000/- (Indian Rupees Ten Lakh only) each.
The scheduled Interest and Redemption Amount Payment Date is July 31, 2026. The Record Date for this redemption process is July 16, 2026.
A detailed timeline of the debentures stands as follows:
| Detail | Timeline |
|---|---|
| Issue Date / Deemed Date of Allotment | August 2, 2021 |
| Call Option Date (Maturity) | August 2, 2026 |
| Interest and Redemption Amount Payment Date | July 31, 2026 |
MFSL Stock Price Movement
On Wednesday, shares of Max Financial Services Limited edged higher, settling at ₹1608.90 after climbing 1.77% from the previous close. The stock traded a total volume of 259,175 shares during the session, achieving a day high of ₹1615.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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