Axis Bank Ltd.

Acquisition Of Equity Shares Of Max Life Insurance Company Limited

19/06/2024

Axis Bank Limited and its subsidiaries, including Axis Securities Limited and Axis Capital Limited, have finalized agreements, including any amendments, with Max Financial Services Limited. These agreements concern the acquisition of an equity stake in Max Life Insurance Company Limited and related matters.

Subsequently, the Acquisitions, Divestments, and Merger Committee of Axis Bank's Board of Directors, in its meeting on June 19, 2024, approved a proposal for the bank to acquire additional equity shares of Max Life. This acquisition, amounting to Rs. 336 crore, will increase the aggregate shareholding of the Axis Entities from 19.02% to 19.99%.

Re-appointment of Amitabh Chaudhry as Managing Director & Chief Executive Officer (“MD &CEO") & Independent Directors

25/04/2024

Based on the recommendations of the Nomination and Remuneration Committee, the Board approved the re-appointment of Amitabh Chaudhry as MD & CEO of the Bank, for a further period of three years with effect from January 1, 2025 up to December 31, 2027, subject to approval of the Reserve Bank of India (RBI) and approval of the members, in terms of applicable laws. Amitabh Chaudhry is not related to any of the directors or key managerial personnel of the Bank. Further, in line with the Stock Exchange Circular dated June 20, 2018, it is hereby confirmed that he is not debarred from holding the office of director by virtue of any SEBI order or any other such authority. Re-appointment of Independent Directors: Based on the recommendations of the Nomination and Remuneration Committee, the Board approved: (a) The re-appointment of Meena Ganesh as an independent director of the Bank for second term of four years with effect from August 1, 2024 up to July 31, 2028, subject to approval of the members of the Bank. (b) The re-appointment of Gopalaraman Padmanabhan as an independent director of the Bank for second term of four years with effect from October 28, 2024 up to October 27, 2028, subject to approval of the members of the Bank.

Update on subscription to equity shares of Max Life Insurance Company Limited

03/04/2024

Axis Bank Limited is set to infuse Rs. 1,612 crore into Max Life Insurance Company Limited, pending regulatory approvals. The Competition Commission of India (CCI) has already given its nod for the proposed transaction, approving the subscription to 14,25,79,161 equity shares of Max Life by Axis Bank. This approval was received through a letter dated April 2, 2024.

Change in Senior Management

14/03/2024

Vijay Mulbagal has been appointed as Group Executive & Head of Strategic Programs and Sustainability of the Bank with effect from March 14, 2024. He will work alongside the leadership team in shaping the agenda on key strategic initiatives for the Bank, which require long-term strategic foresight and near term thrust on execution. He joins the Bank from HDFC Bank, where he was the Group Head – Large Corporates - Supply Chain Finance. Ravi Narayanan wishes to pursue an entrepreneurial journey leveraging on his 30+ years of corporate experience and has resigned from the role of Group Executive - Retail Liabilities, Branch Banking & Products on March 13, 2024.

Clarification in relation to petition filed by Dr. Subramanian Swamy before the High Court of Delhi

16/02/2024

A Public Interest Writ Petition has been filed by Dr. Subramanian Swamy against Axis Bank Limited (“Axis Bank”) before the High Court of Delhi concerning the sale/purchase of Max Life Insurance Company Limited shares. Axis Bank has obtained all necessary regulatory approvals in connection with these transactions. The bank said that it will take the required steps to defend Axis Bank against any unfounded allegations. Axis Bank believes that there is no material impact of the allegations being made against Axis Bank in connection with the said transactions.