AZB assists Max Life Insurance Company Limited and Max Financial Services Limited in further acquisition of stake by Axis Bank
AZB & Partners advised and assisted Max Life & MFS in further acquisition by Axis Bank of 3.99% & 1% equity stake of Max Life from MFS and from MSI, respectively.
The AZB team comprised of Partners Anil Kasturi and Niladri Maulik, Senior Associate Jaishree Tolani Lamba, and Associates Shreya Basu and Paras Chopra.
Max Life was incorporated on July 11, 2000 and is primarily engaged in the business of life insurance in India. As of March 31, 2015, it had a paid-up capital of Rs 1,919 crore. The gross premium collected by Max Life was Rs 8,172 crore in financial year ended March 31, 2015.
In October 2015, Max Financial Services (earlier called Max India) had informed the exchange about the proposal to increase the equity participation of Axis Bank Max Life Insurance.
The insurance company is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company.