Axis Bank Limited (BSE:532215) entered into a agreement to acquire 7% stake in Max Life Insurance Company Limited from Max Financial Services Limited (NSEI:MFSL) on January 9, 2023. The parties agreed that the valuation for the right to acquire the balance 7.00% equity stake of Max Life would be at fair market value using discounted cash flows instead of valuation as per Rule 11UAof the Income Tax Rules, 1962. This revision has been done consequent to the guidance received by Max Life from the Insurance Regulatory and Development Authority.

The transaction is subject to the receipt of requisite regulatory approvals.