Fair trade regulator Competition Commission of India on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd.
Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
"Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd," according to a post by CCI on X.
Private sector lender Axis Bank provides services in retail banking, which includes retail lending, while Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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