More investments expected to flow in the Indian insurance sector as IRDAI approves guidelines for PE Funds to become promoters. (Photographer: Akio Kon/Bloomberg)

Max Life Decides Not To Pursue ‘Current Acquisition Opportunity’

Max Financial Services Ltd. today said it is not considering fund raising plans as its subsidiary Max Life has decided not to pursue any “acquisition opportunity”.

Max Financial was also supposed to raise funds to help its life insurer arm to acquire new assets.

Earlier in April, Max Financial Services had announced that its board of directors approved various fund raising proposals to pursue acquisition opportunity by its subsidiary Max Life Insurance Company.

"In this regard, we would like to inform you that as Max Life has decided not to pursue the current acquisition opportunity, the company (Max Financial) is no longer considering any of the fund raising opportunity referred in the previous disclosure," Max Financial said in a regulatory filing.

Earlier in mid-2017, the proposed merger of Max Life and Max Financial Services with HDFC Standard Life Insurance was shelved due to regulatory hurdles.

Also read: Change Of Guard At IDBI Bank May Delay Sale Of IDBI Federal Life Insurance