Max New York Life to raise capital from Axis Bank
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Delhi: Delhi-based Max New York Life, a joint venture between Max India and New York Life Insurance International, will dilute four percent stake by raising capital from its banc assurance partner Axis Bank, reports PTI. The life insurance company already has the regulatory approvals to dilute the stake from Insurance Regulatory and Development Authority (IRDA). The Reserve Bank has earlier given approval to Axis Bank to invest in the insurance firm. The amount to be raised through this dilution is not disclosed yet. The dilution agreement is for 10 years with an option to review equity after three years.

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