<p>Axis Bank said on Monday it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17% from 29%.</p>.<p>The private-sector lender's move comes months after media <a href="https://www.livemint.com/companies/news/axis-bank-s-max-life-deal-plan-hits-irdai-wall-11593087225181.html">reports </a>said the deal, announced in April, ran into a regulatory roadblock over certain clauses in the agreement.</p>.<p>The lender and the insurer did not immediately respond to requests for comment.</p>.<p>The financial terms of the revised deal were not disclosed.</p>.<p>Axis Bank, which already holds a minority stake in Max Life, will own an 18% interest in the insurer after the deal, the Mumbai-based lender said in a regulatory filing.</p>.<p>It had initially planned to raise its stake in the insurer to 30% for about 15.90 billion rupees ($214.54 million). ($1 = 74.1135 Indian rupees)</p>
<p>Axis Bank said on Monday it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17% from 29%.</p>.<p>The private-sector lender's move comes months after media <a href="https://www.livemint.com/companies/news/axis-bank-s-max-life-deal-plan-hits-irdai-wall-11593087225181.html">reports </a>said the deal, announced in April, ran into a regulatory roadblock over certain clauses in the agreement.</p>.<p>The lender and the insurer did not immediately respond to requests for comment.</p>.<p>The financial terms of the revised deal were not disclosed.</p>.<p>Axis Bank, which already holds a minority stake in Max Life, will own an 18% interest in the insurer after the deal, the Mumbai-based lender said in a regulatory filing.</p>.<p>It had initially planned to raise its stake in the insurer to 30% for about 15.90 billion rupees ($214.54 million). ($1 = 74.1135 Indian rupees)</p>