Axis Bank-Max Life Insurance deal cleared by fair trade regulator CCI

The Competition Commission of India (CCI), the country's fair trade regulator, on Tuesday said it had approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company. The insurer had announced a capital infusion by Axis Bank through the issuance of 14.26 crore equity shares to help Max Life support its future growth ambitions, augment its capital position, and improve solvency margins.

While private sector lender Axis Bank provides services in retail banking, which includes retail lending, Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in the country.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Meanwhile, the competition watchdog also gave the nod to a bunch of proposed acquisitions.

It approved the acquisition of a 100 per cent equity stake of Sharekhan and Human Value Developers collectively by Mirae Asset Capital Markets (India) and Mirae Asset Securities Co, respectively.

It also cleared the acquisition of compulsorily convertible preference shares (CCPS) in Northern Arc Capital (Northern Arc/Target) by International Finance Corporation (IFC), as well as that of a 10.39 per cent shareholding of Annapurna Finance and the subscription to its certain debentures by Piramal Alternatives Trust.

The regulator also cleared the acquisition of shares of MG Motor India by IndoEdge India Fund-Large Value Fund (LVF) Scheme.

With inputs from agencies