Max Financial Services and Axis Bank have revised their agreement terms, with Axis Bank now to buy a 17% stake in Max Life Insurance versus 29% earlier. From Axis Bank’s perspective, the stake is lower but Axis Bank retains control/right. Axis bank currently holds 1% in Max Life and after the closure of revised deal its stake would go to 18% and Max Financial Services would hold 82%.
Axis Bank – The value accretion reduction for Axis Bank versus the earlier deal could be made up by getting additional payout / commission, which is restricted (more…)