Cyril Amarchand Mangaldas acted as the legal counsel Axis Bank Limited in relation to acquisition of 12.99% stake in Max Life Insurance Company Limited (Max Life) collectively by Axis Bank Limited (Axis Bank), Axis Securities Limited (Axis Securities), and Axis Capital Limited (Axis Capital) (collectively ‘Axis Group‘) from Max Financial Services Limited (Max Financial). The deal will result in the Axis Group being co-promoters of Max Life.
The Transaction Team was led by Yash Ashar, Partner & Head – Capital Markets and Indranath Bishnu, Partner; and included Pranjita Barman, Principal Associate and Anirud Sudarsan, Associate.
The Axis Group, Max Financial and Max Life executed their share purchase agreement in April 2020. The transaction was approved by the Competition Commission of India (CCI) in January 2021 and the Insurance Regulatory and Development Authority of India (IRDAI) in February 2021. The Axis Group have a further right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, subject to regulatory approvals. As a part of the Transaction, the Axis Group has entered into a shareholders agreement with the existing promoters of Max Life (which includes Mitsui Sumitomo Insurance Company Limited) to record the inter se rights and obligations of the aforesaid parties.
The Transaction was signed on 27 April, 2020 and closed on 6 April, 2021.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.
The Firm received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.