April 28, 2020 / 5:13 AM / a month ago

BRIEF-India's Axis Bank To Acquire 29% Stake In Max Life Insurance Co Ltd

April 28 (Reuters) - Axis Bank Ltd:

* APPROVED ENTERING INTO AGREEMENT WITH MAX FINANCIAL SERVICES LIMITED TO ACQUIRE 29% STAKE IN MAX LIFE INSURANCE COMPANY LIMITED

* MAX LIFE TO BE 70:30 JOINT VENTURE BETWEEN MAX FINANCIAL SERVICES AND AXIS BANK

* AXIS BANK TO OWN 30% STAKE IN MAX LIFE POST TRANSACTION CLOSURE

* AS PER DEAL, MAX FINANCIAL WILL HAVE RIGHT TO NOMINATE 4 DIRECTORS ON MAX LIFE BOARD

* AS PER DEAL, CO WILL HAVE RIGHT TO NOMINATE 3 DIRECTORS ON MAX LIFE BOARD Source text for Eikon: Further company coverage:

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