India's Axis Bank to raise its stake in Max Life Insurance to 30%

India's Axis Bank to raise its stake in Max Life Insurance to 30%

People on a motorcycle ride past an Axis Bank Ltd. branch in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

The country’s third largest private lender Axis Bank on Tuesday proposed to raise its stake in the country’s fourth largest private life insurer Max Life Insurance from about 1.5% to 30% through an all-cash deal worth around 1,600 crore.

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