{"id":319327,"date":"2024-04-03T17:00:43","date_gmt":"2024-04-03T11:30:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=319327"},"modified":"2024-04-03T17:26:45","modified_gmt":"2024-04-03T11:56:45","slug":"cci-approves-axis-bank-equity-max-life-insurance","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/03\/cci-approves-axis-bank-equity-max-life-insurance\/","title":{"rendered":"CCI approves Axis Bank\u2019s subscription to 14.26 Crores equity in Max Life Insurance"},"content":{"rendered":"
\n

The fair trade watchdog, Competition Commission of India, approved the subscription of 16.22 per cent equity shares of Max Life Insurance Company by Axis Bank Limited on 02-04-2024.<\/p>\n

The news of the transaction involving Axis Bank’s stake in the private life insurer’s company was first revealed by the insurer in August 2023 whereas, the transaction received IRDAI’s nod in February this year.<\/p>\n

Axis Bank is a private sector bank providing services in retail banking which includes retail lending and retail deposits, wholesale banking, payment solutions, distribution of mutual fund schemes, distribution of insurance policies, wealth management, forex and remittance products.<\/p>\n

Max Life Insurance provides life insurance and annuity products and is also engaged in distribution of insurance policies.<\/p>\n

The capital infusion by the Bank would improve the insurer’s solvency margins, augment it’s capital position and support its future growth perspectives.<\/p>\n

As per the summary by CCI , the deal leads to the horizontal overlap of the life insurance market, the market for management of non-governmental pension fund assets under the National Pension System (‘NPS’) and NPS’s enrolment and distribution as well. The acquisition also leads to a vertical overlap, upstreaming the market for life insurance products and management of non-governmental pension fund assets under NPS and down streaming of the distribution of life insurance market, the market for enrolment and distribution of NPS and the market for provision of annuity services in India.<\/p>\n

The Bank got the right to appoint\/nominate two directors in addition to the existing three along with an option to acquire certain equity shares, directly or indirectly, of up to 0.98 per cent within the first 42 months of the acquisition.<\/p>\n

Source:<\/span> Press<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The fair trade watchdog, Competition Commission of India, approved the subscription of 16.22 per cent equity shares of Max Life Insurance Company <\/p>\n","protected":false},"author":67011,"featured_media":319345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[52129,5461,67165,67163,67170,67167,67166,67164,67169,67168],"class_list":["post-319327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-axis-bank","tag-cci","tag-cci-approves-axis-banks-equity-in-max-life-insurance","tag-competition-commision-of-india","tag-downstreaming-of-markets","tag-horizontal-market-overlap","tag-market-overlap","tag-max-life-insurance","tag-upstreaming-of-markets","tag-vertical-market-overlap"],"yoast_head":"\nCCI approves Axis Bank's subscription to 14.26 Crores equity in 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approves acquisition of stake by Axis Bank Limited, Axis Capital Limited & Axis Securities Limited in Max Life Insurance Company Limited","author":"Bhumika Indulia","date":"January 21, 2021","format":false,"excerpt":"The Competition Commission of India (CCI) approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited. Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":319443,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/04\/cci-approves-acquisition-series-proposals-industry-giants\/","url_meta":{"origin":319327,"position":1},"title":"CCI approves 7 major acquisition proposals involving IFC, Piramal, Sharekhan, HCL, MG Motors, and Axis Bank","author":"Editor","date":"April 4, 2024","format":false,"excerpt":"Shares have been acquired in Northern Arc, MG Motors, Greenko ZeroC, Nagarjuna Fertilizers, Annapurna Finance, Sharekhan, Human Value Developers, Pritam International Private Limited and Max Life Insurance.","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"CCI approves major mergers","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/CCI-approves-major-mergers.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/CCI-approves-major-mergers.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/CCI-approves-major-mergers.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/CCI-approves-major-mergers.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":256094,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/27\/cci-gives-approval-for-acquisition-of-shareholding-in-hdfc-ergo-general-insurance-co-ltd\/","url_meta":{"origin":319327,"position":2},"title":"Mergers & Acquisitions (M&A) | CCI gives approval for acquisition of shareholding in HDFC Ergo General Insurance Co. 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The Proposed Combination involves acquisition of 4.99% of the outstanding equity share\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":313670,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/10\/khaitan-co-advises-axis-growth-avenues-aif-i-in-acquisition-of-stake-in-national-stock-exchange-of-india-limited\/","url_meta":{"origin":319327,"position":3},"title":"Khaitan & Co advises Axis Growth Avenues AIF – I in acquisition of stake in National Stock Exchange of India Limited","author":"Bhumika Indulia","date":"February 10, 2024","format":false,"excerpt":"DEAL DETAILS Axis Growth Avenues AIF \u2014 I | Acquisition of stake in National Stock Exchange of India Limited Khaitan & Co advised Axis Growth Avenues AIF \u2014 I (an Axis AMC entity) in acquisition of stake in National Stock Exchange of India Limited (\"Company\"), by way of purchase of\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"National Stock Exchange","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Stock-Exchange.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":324900,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/22\/cyril-amarchand-mangaldas-advised-the-underwriters-in-the-initial-public-offering-of-go-digit-general-insurance-limited\/","url_meta":{"origin":319327,"position":4},"title":"Cyril Amarchand Mangaldas advised the underwriters in the initial public offering of Go Digit General Insurance Limited","author":"Bhumika Indulia","date":"June 22, 2024","format":false,"excerpt":"CAM advised underwriters, namely, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), (collectively, \u201cBRLMs\u201d) in the initial public offering of Go Digit General Insurance Limited (\u201cCompany\u201d, and such offering,\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Go Digit General Insurance Limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281109,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/05\/khaitan-co-advises-axis-new-opportunities-aif-i-on-the-sale-of-its-entire-stake-in-sbi-general-insurance-company-limited-company-to-two-entities-of-iifl\/","url_meta":{"origin":319327,"position":5},"title":"Khaitan & Co advises Axis New Opportunities AIF-I on the sale of its entire stake in SBI General Insurance Company Limited (“Company”) to two entities of IIFL","author":"Bhumika Indulia","date":"January 5, 2023","format":false,"excerpt":"\u00a0 \u00a0 DEAL DETAILS \u00a0 \u00a0 Axis New Opportunities AIF \u2013 I | Sale of entire stake in SBI General Insurance \u00a0 \u00a0 NO HEADINGS DETAILS 1. 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