The board of Axis Bank has approved purchase of an additional 29% stake in Max Life Insurance which will take the private lender’s total stake in the insurer to 30%. Max Financial Services presently holds a 72.5% stake in Max Life and Mitsui Sumitomo Insurance (MSI) owns 25.5% stake. Axis Bank also has a minor stake in the life insurer. Axis Bank is the third largest private bank and Max Life is the fourth largest private life insurer in India. Post completion of the series of transactions, Max Life will become a 70:30 joint-venture between Max Financial Services and Axis Bank. The proposed transactions are subject to approval of requisite corporate and regulatory authorities.