Max Financial share price jumps 8% on Axis Bank stake buy
Axis Bank said in a public announcement that it will raise its stake in Max Life to 16.22% from 9.99%by infusing ₹1,612 crore through a preferential allotment of shares. Meanwhile, Axis Bank shares opened flat with a negative bias.
At the time of writing this story, Axis Bank share price was at ₹947.45, dwon ₹2.85, or 0.30%. Max Financial share price opened at ₹818 as against yesterday's closing price of ₹789.8.
The Max Financial Services shares further gained to touch a high of ₹868.75. At the time of writing this copy, Max Financial share price was at ₹859.5, up ₹69.70, or 8.83%.
Max Life Insurance is a subsidiary of Max Financial Services. Axis Bank, along with its entities (Axis Securities and Axis Capital), had acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.
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