Axis Max Life's board OKs listing plan that envisages merger with Max Fincl
This story was originally published at 21:24 IST on 4 February 2025
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--Max Fincl to merge into Axis Max Life to get Axis Max Life listed
NEW DELHI – The board of Axis Max Life Insurance Ltd. has approved a road map to list the insurer on bourses, the company's parent Max Financial Services Ltd. informed exchanges on Tuesday. As per the road map, Max Financial Services will merge into Axis Max Life.
Axis Max Life was directed by the Insurance Regulatory and Development Authority to submit its board's approved public listing roadmap. The board of Axis Max Life on Tuesday approved the listing roadmap. Max Financial holds 80.98% stake in Axis Max Life.
"It is further informed that amongst the options discussed as a part of the said public listing roadmap of Axis Max Life, the Board of the Company has approved a roadmap which envisages the listing of Axis Max Life through the merger of MFSL into Axis Max Life, in order to achieve the status of listed company for Axis Max Life," Max Financial said.
Max Financial Services reported a net profit of INR 560.4 million for the quarter ended December, down 62% on year and 50% on quarter. Shares of the company on Tuesday ended 1.6% higher at INR 1,100.85 on the National Stock Exchange of India Ltd.
"The board also discussed that it shall initiate the process for listing of Axis Max Life once there is clarity on the applicable law allowing such merger," Max Financial said.
The name of Max Life Insurance was changed to Axis Max Life Insurance in December. Axis Bank had in April infused INR 16.12 billion into Max Life Insurance, after which the Axis Group held 19.02% in Max Life. End
Reported by Shubham Rana
Edited by Avishek Dutta
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