Axis Bank is looking to seek the Reserve Bank of India’s approval to acquire up to an additional 10% stake in Axis Max Life Insurance (formerly Max Life), sources informed CNBC-TV18.
The move would elevate its holding to 30%, making it the promoter of the joint venture over Axis Max Financial Services.
Stake expansion plan
Current Axis Entities—comprising Axis Bank, Axis Capital, and Axis Securities—hold a 19.99% stake in Axis Max Life following a ₹336 crore acquisition in June 2024.
Under the proposed transaction, the entities would buy another 10%, lifting their combined share to 29.99–30%.
Once the increase is approved and executed, Axis Bank would formally become the promoter of Axis Max Life.
Regulatory & legal context
The bank is expected to approach the RBI after resolving the ongoing SEBI investigation. SEBI’s scrutiny concerns the initial 20% acquisition.
Strategic moves ahead
With an increased stake, Axis Bank may explore structural reorganisation: either by reverse-merging Axis Max Financial Services into Max Life or by directly listing Axis Max Life Insurance on exchanges.
The move aligns with Axis Bank’s continuing strategy of strengthening its insurance franchise — and ultimately gaining greater operational control.
