Max Financial Services Limited has informed the Exchange regarding 'Disclosure under the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) Approval for issuance of equity shares on preferential basis by Axis Max Life Insurance Limited to Axis Bank Limited '.
MFSL · price
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On the reaction day the stock moved 1.1 pts more than Nifty Midcap 150 and 0.9 pts more than its Life Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Axis Max Life Insurance Limited, a subsidiary of Max Financial Services, has received board approval to raise up to Rs. 389 crores by issuing 2.50 crore equity shares at Rs. 151.90 per share (face value Rs. 10 plus share premium Rs. 141.90) to Axis Bank Limited. The issue price was determined at fair market value using discounted cash flow method by registered valuers and merchant bankers. Post-allotment, Axis Bank's holding in Axis Max Life will increase from 16.22% to 17.23%, while collective Axis Shareholders will hold 19.99%. The funds will support Axis Max Life's growth initiatives. The transaction requires shareholder approval and other regulatory clearances, though RBI approval has already been obtained.
This preferential infusion strengthens Axis Max Life's capital base to fund growth without diluting Max Financial's control significantly. For MFSL shareholders, the transaction provides capital to support the insurance subsidiary's expansion while maintaining the 80.01% ownership stake.