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The Competitors Fee of India (CCI), the nation’s honest commerce regulator, on Tuesday stated it had accepted Axis Financial institution’s proposed acquisition of a stake in Max Life Insurance coverage Firm. The insurer had introduced a capital infusion by Axis Financial institution by way of the issuance of 14.26 crore fairness shares to assist Max Life assist its future development ambitions, increase its capital place, and enhance solvency margins.
Whereas personal sector lender Axis Financial institution offers providers in retail banking, which incorporates retail lending, Max Life Insurance coverage is engaged within the enterprise of offering life insurance coverage and annuity merchandise and funding plans within the nation.
Offers past a sure threshold require approval from the regulator, which retains a tab on unfair enterprise practices in addition to promotes honest competitors within the market.
In the meantime, the competitors watchdog additionally gave the nod to a bunch of proposed acquisitions.
It accepted the acquisition of a 100 per cent fairness stake of Sharekhan and Human Worth Builders collectively by Mirae Asset Capital Markets (India) and Mirae Asset Securities Co, respectively.
It additionally cleared the acquisition of compulsorily convertible choice shares (CCPS) in Northern Arc Capital (Northern Arc/Goal) by Worldwide Finance Company (IFC), in addition to that of a ten.39 per cent shareholding of Annapurna Finance and the subscription to its sure debentures by Piramal Options Belief.
The regulator additionally cleared the acquisition of shares of MG Motor India by IndoEdge India Fund-Massive Worth Fund (LVF) Scheme.
With inputs from companies
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