Morgan Stanley Acquires 1.7 Crore Shares in Axis Bank for Rs 2,083 Crore

Morgan Stanley acquired 1.7 crore shares of Axis Bank for Rs 2,083 crore via an open market transaction, constituting a 0.5% stake. The shares were bought at Rs 1,225.75 each. Axis Bank's share price dipped 0.60% post-transaction. Recently, Axis Bank increased its stake in Max Life Insurance to 19.99%.

In a significant investment move, US-based Morgan Stanley purchased 1.7 crore shares of Axis Bank for a total of Rs 2,083 crore on Friday, according to data from the National Stock Exchange (NSE). This acquisition, executed through an open market transaction, grants Morgan Stanley & Company International Plc a 0.5% stake in Axis Bank.

The shares were acquired at an average price of Rs 1,225.75 per share, culminating in a transaction value of Rs 2,083.77 crore. However, details regarding the sellers remain undisclosed. Following the transaction, Axis Bank shares experienced a slight dip, falling 0.60% to Rs 1,232.10 per piece on the NSE.

Additionally, on Wednesday, Axis Bank increased its holding in Max Life Insurance to 19.99% for Rs 336 crore. This move increased the aggregate shareholding of Axis entities from 19.02% to 19.99%. The Insurance Regulatory and Development Authority of India (IRDAI) had previously approved the collective ownership of up to 20% in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital Ltd and Axis Securities Ltd, as part of a deal finalized in 2021.

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