Max Financial Services: Disclosure Under SEBI (LODR) Regulations 2015 - Receipt Of Approval From IRDAI For Acquisition Of Balance 5.17% Stake Of Max Life From MSI Japan. | Value Research

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Max Financial Services: Disclosure Under SEBI (LODR) Regulations 2015 - Receipt Of Approval From IRDAI For Acquisition Of Balance 5.17% Stake Of Max Life From MSI Japan.

This refers to our earlier disclosure letters dated March 3 May 27 and December 8 2020 regarding (i) share swap by issuance of shares of the Company to Mitsui Sumitomo Insurance Company Limited Japan (MSI) for consideration other than cash and (ii) for acquisition of balance stake held by MSI in Max Life Insurance Company Limited (Max Life).In this regard as disclosed by us earlier the share swap transaction with MSI was completed on December 8 2020 on receipt of all regulatory approvals.We are now pleased to inform that Insurance Regulatory and Development Authority of India (IRDAI) vide its letter dated November 25 2022 accorded its approval to the Company for acquisition of residual 5.17% stake held by MSI in Max Life @ Rs. 85/- per share. On acquisition of the aforesaid 5.17% stake in Max Life the shareholding held by the Company in Max Life would stand increased to 87%.The press release being issued by the Company is enclosed.

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