Max Financial Services board clears ₹2,000 crore QIP to fund Axis Max Life growth

Max Financial Services Ltd (MFSL), part of the Max Group, on Thursday (March 12), said the board has approved raising up to ₹2,000 crore through a qualified institutional placement (QIP) or other permitted modes, and will seek shareholder approval for the proposal through a postal ballot.

The fundraising will involve issuing fully paid-up equity shares of face value ₹2 each or other equity-based securities in one or more tranches, subject to required regulatory and statutory approvals.

​The company said the proposed capital raise will primarily be used to meet the funding requirements of its material subsidiary, Axis Max Life Insurance Ltd, to support its business growth and expansion plans. The remaining proceeds will be used for general corporate purposes.​