- Axis Bank has increased its stake in Max Life Insurance to 5.99 per cent. Max Financial Services recently informed the exchanges that it sold 3.99% stake for Rs.76.56 crore to the bank. The deal values the insurance insurance company at around Rs.1,918 crore approximately.
- Axis Bank Ltd holds the key for the success of the HDFC Life and Max Life merger. With sales through Axis accounting for more than half of Max Life's revenue, the entire valuation is dependent on Axis continuing with the distribution deal.
- Recently, HDFC Life and Max Life declared their intention to merge their businesses to create the country's biggest private sector insurer amid 'challenges' which the two companies look to overcome with a three-decade old relationship between Deepak Parekh and Max Group founder Analjit Singh behind them. A challenge before Max would be to get Axis Bank on board which is the corporate agent for Max Life and generates close to 60% policy premium income.
- Kesoram Industries Ltd has informed on 17 June, 2016 that Brickwork Ratings has assigned A+ rating for its Rs. 2,200 crore long-term loan with Axis Bank.
Thursday, June 23, 2016
Axis Bank Ltd: Buy