Morgan Stanley Buys Stake In Axis Bank Worth Rs 2,083 Crore

Morgan Stanley and Co. International Plc bought stake in Axis Bank Ltd. in a bulk deal worth Rs 2,083 crore through open market transactions on Friday.

Morgan Stanley bought 0.55% stake in Axis Bank, amounting to 1.7 crore shares at Rs 1,225.75 apiece, according to NSE data.

Axis Bank had plans to purchase additional stake in Max Life Insurance Co. for a sum of Rs 336 crore. This acquisition will help the private bank strengthen its position in the life insurance business. The share purchase is subject to all requisite regulatory approvals. The bank is looking to complete the acquisition in the next two to three months after receiving regulatory approval.

Shares of Axis Bank closed 0.60% lower at Rs 1,232.10 apiece, as compared with a 0.28% decrease in the NSE Nifty 50.