{"id":60607,"date":"2021-04-09T17:41:12","date_gmt":"2021-04-09T12:11:12","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=60607"},"modified":"2021-04-09T17:42:08","modified_gmt":"2021-04-09T12:12:08","slug":"cyril-amarchand-mangaldas-advises-on-acquisition-of-12-99-stake-in-max-life-insurance-collectively-by-axis-bank-axis-securities-and-axis-capital","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/cyril-amarchand-mangaldas-advises-on-acquisition-of-12-99-stake-in-max-life-insurance-collectively-by-axis-bank-axis-securities-and-axis-capital","title":{"rendered":"Cyril Amarchand Mangaldas Advises on Acquisition of 12.99% Stake in Max Life Insurance Collectively by Axis Bank, Axis Securities and Axis Capital"},"content":{"rendered":"<p>Cyril Amarchand Mangaldas acted as the legal counsel Axis Bank Limited in relation to acquisition of 12.99% stake in Max Life Insurance Company Limited (Max Life) collectively by Axis Bank Limited (Axis Bank), Axis Securities Limited (Axis Securities), and Axis Capital Limited (Axis Capital) (collectively \u2018Axis Group\u2019) from Max Financial Services Limited (Max Financial). The deal will result in the Axis Group being co-promoters of Max Life.<\/p>\n<p>The Transaction Team was led by\u00a0Yash Ashar, Partner &amp; Head \u2013 Capital Markets and\u00a0Indranath Bishnu, Partner; and included\u00a0Pranjita Barman,\u00a0Principal Associate and\u00a0Anirud Sudarsan, Associate.<\/p>\n<p>The Axis Group, Max Financial and Max Life executed their share purchase agreement in April 2020. The transaction was approved by the Competition Commission of India (CCI) in January 2021 and the Insurance Regulatory and Development Authority of India (IRDAI) in February 2021. The Axis Group have a further right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, subject to regulatory approvals. As a part of the Transaction, the Axis Group has entered into a shareholders&#8217; agreement with the existing promoters of Max Life (which includes Mitsui Sumitomo Insurance Company Limited) to record the inter se rights and obligations of the aforesaid parties.<\/p>\n<p>The Transaction was signed\u00a0on 27 April, 2020 and closed on\u00a06 April, 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cyril Amarchand Mangaldas acted as the legal counsel Axis Bank Limited in relation to acquisition of 12.99% stake in Max Life Insurance Company Limited (Max Life) collectively by Axis Bank Limited (Axis Bank), Axis Securities Limited (Axis Securities), and Axis Capital Limited (Axis Capital) (collectively \u2018Axis Group\u2019) from Max Financial Services Limited (Max Financial). The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[47504],"class_list":["post-60607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-cyril-amarchand-mangaldas-advises-on-acquisition-of-12-99-stake-in-max-life-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cyril Amarchand Mangaldas Advises on Acquisition of 12.99% Stake in Max Life Insurance Collectively by Axis Bank, Axis Securities and Axis Capital - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas acted as the legal counsel Axis Bank Limited in relation to acquisition of 12.99% stake in Max Life Insurance Company Limited - Get the latest legal news from the Supreme Court, High Courts, and government. 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