Max Financial Subsidiary Allots ₹686 Cr Debentures

Max Financial Services Ltd's subsidiary, Axis Max Life Insurance, has successfully allotted 68,600 unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures. Each debenture has a face value of INR 1,00,000, totaling INR 686,00,00,000 (INR 686 Crore) at face value. The issuance, conducted on a private placement basis via NSE's electronic bidding platform, raised INR 686,00,30,000 (INR 686 Crore and 30 Thousand), including a premium of INR 30,000. These debentures have a tenor of 10 years, with a potential call option after 5 years. The application for listing on the National Stock Exchange of India Limited is in progress.