In the order, IRDAI said “it is evident that Axis Bank has sold its stake of 0.998% shares of Max Life in March 2021 to MFSL and MSI at Rs 166 per share. Subsequently, in March-April 2021, Axis Bank and its Group entities acquired 12.002% shares from MFSL at a price range of Rs 31.51-Rs 32.12 per share. This is not in compliance with the directions issued by the Authority…”
MFSL is Max Financial Service Ltd and MSI is Mitsui Sumitomo International.
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