Max Life Insurance Co. has received approval from the Insurance Regulatory and Development Authority of India for infusion of Rs 1,612 crore by Axis Bank Ltd.
It will issue 14,25,79,161 equity shares of the company to Axis Bank, according to the exchange filing issued on Tuesday.
The capital infusion is subject to approval by the Competition Commission of India.
The Pension Fund Regulatory and Development Authority has already approved the proposed change in shareholding pattern of the company, which is related to the infusion of capital in Max Life, the filing said.
The insurance company plans to raise Rs 1,612 crore to appreciate its capital position and improve its solvency margin, it said.
Max Financial Services reported an increase in its income and a fall in profit in the third quarter of fiscal 2024.
MAX Financial Services Q3 Earnings FY24 (Consolidated, YoY)
Total income at Rs 12,359.19 crore vs Rs 8,898.35 crore, up 38.89%.
Net profit at Rs 171.21 crore vs Rs 269.35 crore, down 36.43%.
Shares of Max Financial Services closed 4.49% higher at Rs 911.65 apiece, as compared with a 6.63% rise in the benchmark BSE Sensex.
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