Axis Max Life to issue 2.5 crore shares at ₹151.90 each to Axis Bank, raising up to ₹389 crore for funding needs.
Post-issue, Axis Bank's stake will rise to 17.23% and the Axis group's holding will be 19.99% in Axis Max Life.
The capital infusion, approved by RBI, will support future growth and is subject to shareholder and regulatory nods.