Axis Bank Limited Disclosure under Reg 30 of SEBI (LODR) Regulations (8350I)
09 August 2023 - 10:45PM
UK Regulatory
TIDMAXB TIDMAXBA
RNS Number : 8350I
Axis Bank Limited
09 August 2023
AXIS/CO/CS/253/2023-24
August 9, 2023
Dear Sir(s),
Sub: Disclosure under Regulation 30 of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015
This is with reference to our earlier letters dated April 28,
2020, July 23, 2020, August 24, 2020, October 30, 2020, February
24, 2021, April 6, 2021 and January 10, 2023, informing that Axis
Bank Limited ("Axis Bank") and its subsidiaries, i.e., Axis
Securities Limited and Axis Capital Limited (together referred to
as "Axis Entities") have entered into agreements (including
amendments thereto) with Max Financial Services Limited ("Max
Financial"), with regard to acquisition of equity stake of Max Life
Insurance Company Limited ("Max Life") and matters incidental
thereto.
In this regard, we would now like to inform you that the
Acquisitions, Divestments and Merger Committee of the Board of
Directors of the Bank at their meeting held on August 9, 2023 has
approved the proposal for the Axis Bank to infuse Rs. 1,612 crores
in Max Life through preferential allotment, resulting in Axis
Bank's direct stake in Max Life increasing to 16.22% and the
collective stake of Axis Entities increasing to 19.02%.
As communicated vide our letter dated January 10, 2023, the
aforesaid acquisition would be done at Fair Market Value using
Discounted Cash Flow method. The Bank will now enter into a Share
Subscription Agreement with Max Life for proposed acquisition
through subscription to the Preferential Issue of 14,25,79,161
fully paid-up equity shares of face value of Rs. 10 each, at a fair
market value of Rs. 113.06 per share (arrived at as per extant
regulations and including a share premium of Rs. 103.06 per equity
share).
The transaction is subject to regulatory approvals, including
IRDAI, PFRDA, CCI and any other requisite approval. The Bank has
requisite approval from the Reserve Bank of India for the proposed
acquisition.
A detailed disclosure as required under SEBI Circular dated July
13, 2023, is attached as Annexure A.
http://www.rns-pdf.londonstockexchange.com/rns/8350I_1-2023-8-9.pdf
The meeting commenced at 5.15 P.M. and concluded at 5.35
P.M.
This is for your information and records.
Thanking you,
Yours Sincerely,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
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