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Max Life Insurance Buys 2.99% In Capital Small Finance Bank

The total consideration for this allotment amounts to Rs 49,50,03,600, the bank said in a statement.

PTI

Max Life Insurance Enters Pension Fund Management Biz; Its Arm Secures Licence From PFRDA. (Source: Towfiqu barbhuiya/ Unsplash)

Max Life Insurance has bought shares in Capital Small Finance Bank for Rs 49.50 crore, taking its stake in the bank to 2.99%.

Max Life Insurance Company has been allotted a total of 10.57 lakh equity shares. Each equity share has a face value of Rs 10. Additionally, a premium of Rs 458 per equity share has been paid. The total consideration for this allotment amounts to Rs 49,50,03,600, the bank said in a statement.

Capital Small Finance Bank MD & CEO Sarvjit Singh Samra said: "This investment marks a significant milestone for Capital Small Finance Bank and reinforces our commitment to delivering exceptional value to our customers. It is a testament to the strength of our bank and the trust that Max Life Insurance Company has placed in us."

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