CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank and its subsidiaries Axis Capital Limited and Axis Securities are the co-promoter of Max Life Insurance following the acquisition of a 12.99 per cent stake in April 2021.

Detailed explanation-2: -The lender in 2021 had announced the acquisition of equity shares of Max Life Insurance Company Limited (Max Life), a material subsidiary of Max Financial Services Limited (Max Financial) by Axis Bank and its subsidiaries, i.e., Axis Securities Limited and Axis Capital Limited under definitive agreements.

Detailed explanation-3: -Axis Bank and its subsidiaries - Axis Securities and Axis Capital - collectively hold 12.99 per cent equity in Max Life Insurance. The bank has a right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches.