Mumbai, Aug 24 (IANS): Axis Bank has proposed to acquire 17 per cent equity share capital in Max Life Insurance.

In a regulatory filing, it said that the parties have executed the definitive agreements for this. Post the acquisition, Axis Bank would have an 18 per cent stake in Max Life.

"Axis Bank now proposes to acquire 17.002 per cent of the equity share capital of Max Life, resulting in total ownership of 18.0 per cent post the transaction. The parties have executed the definitive agreements," it said.

Both Axis Bank and Max Life will shortly approach the respective regulatory authorities, with revised applications for their consideration and approval. The transaction is subject to regulatory approvals.

Earlier, the Axis Bank and Max Financial Services Ltd had signed agreements for sale of 29 per cent of the equity share capital of Max Life, a material subsidiary of the company, to Axis Bank which would have the effect of Max Life becoming a 70:30 joint venture between the company and Axis Bank after series of transactions.

"Earlier, Axis Bank and the company (Max Financial) had agreed to certain Value Creation Options and related rights. Based on correspondence from IRDAI received by the company, Axis Bank and the company have agreed to make some changes to the Value Creation Options and factor in some alternate mechanisms subject to regulatory approvals and as may be permitted under applicable law," Axis Bank had said in a filing in July.