Morgan Stanley Acquires 1.7 Cr Shares In Axis Bank For Rs 2,083 Cr

Morgan Stanley & Company International purchased 1.7 crore shares of Axis Bank, a leading private sector lender in India, through an open market transaction. 

This acquisition amounts to a 0.5 per cent stake in Axis Bank, with the shares bought at an average price of Rs 1,225.75 each, bringing the total transaction value to Rs 2,083.77 crore. The sellers of these shares have not been disclosed. On the same day, Axis Bank's shares saw a slight dip, closing 0.60 per cent lower at Rs 1,232.10 per share on the National Stock Exchange (NSE).

In related developments, Axis Bank has recently increased its stake in Max Life Insurance. On Wednesday, the bank announced it had raised its holding in Max Life to 19.99 per cent, up from 19.02 per cent, through an investment of Rs 336 crore. This move is in-line with the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), which permits Axis Bank and its subsidiaries—Axis Capital Ltd and Axis Securities Ltd—to collectively own up to 20 per cent in Max Life Insurance. 

This stake increase is part of a strategic deal between Axis Bank and Max Life Insurance, initially concluded in 2021.