Max Life Insurance Acquires 2.99% Stake in Capital Small Finance Bank
Max Life Insurance, a leading insurance company, has successfully acquired an additional 2.99% stake in Capital Small Finance Bank. This strategic move further solidifies Max Life Insurance’s position in the banking sector.
The investment involved the purchase of shares worth Rs 49.50 crore. Max Life Insurance now holds a total of 10.57 lakh equity shares in Capital Small Finance Bank, with each share having a face value of Rs 10. Moreover, the company paid a premium of Rs 458 per equity share. The overall value of the allotment stands at an impressive Rs 49,50,03,600, as stated by the bank.
Sarvjit Singh Samra, the Managing Director and CEO of Capital Small Finance Bank, expressed his enthusiasm about this significant milestone. He emphasized that the investment demonstrates the bank’s unwavering dedication to providing exceptional value to its esteemed customers. Samra also acknowledged the trust Max Life Insurance has placed in the bank, highlighting the strength of Capital Small Finance Bank.
With this strategic acquisition, Max Life Insurance strengthens its foothold in the banking industry while Capital Small Finance Bank gains a valuable partner. Both entities are well-positioned to leverage their synergies and deliver enhanced financial services to their respective clientele.
About Max Life Insurance:
Max Life Insurance Company Limited is a leading life insurance company in India, with its headquarters located in New Delhi. It holds the distinction of being the largest non-bank private-sector life insurer in the country. Max Life Insurance is a joint venture between Max Financial Services and Axis Bank, with a partnership ratio of 80:20. It operates as a subsidiary of Max Financial Services, which is a publicly-listed company.
For more of the Latest News, Click Here
