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Axis Bank hikes stake in Max Life Insurance

Axis Bank has hiked its stake in Max Life Insurance. The bank will now have 5.99% holding in the insurance company. The company told the stock exchanges that it has sold 3.99% stake for Rs 76.56 crore to the bank. The deal values the insurance company at around Rs 1918 crore approximately. The bank said that it has bought 4.99% stake from Max Financial Services and Mitsui Sumitomo for Rs 95.75 crore. The price of 1% stake it bought from Mitsui Sumitomo is Rs 19.19 crore. The bank had 1% stake in the private life insurance company. The insurance company is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company.

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