As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction.source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-approves-axis-max-life-deal/articleshow/81194327.cms
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