India’s leading Indian private sector bank Axis Bank on Friday announced a revised stake acquisition agreement with Max Financial Service Ltd. As per the revised agreement, Axis Bank will acquire upto 9 percent of the equity share cap of Max Life Financial. The bank's subsidiaries Axis Capital Limited and Axis Securities Limited will combinedly acquire upto 3 percent of the equity of Max Life. Axis Entities will have a right to acquire an additional stake of upto 7 percent. The revised agreement took place as RBI rejected Axis Bank's earlier proposal to directly buy 17 per in Max Life Financial.

With regards to Axis Bank’s application to the RBI for directly acquiring 17.002% of the equity share capital of Max Life, the RBI of India has advised Axis Bank that the application for direct acquisition of 17.002 percent has not been considered. However Axis Bank has been advised to be guided by Para 5(b) of Master Direction- RBI (Financial Services provided by Banks) Directions, 2016 dated May 26, 2016 as updated from time to time.

On Friday, shares of Axis Bank closed at Rs491 per share, down by Rs. 2.85 from its previous closing on the National Stock Exchange. The stock opened at Rs.495 and touched an intraday high and low of Rs501.55 and 481.60 respectively.

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