Axis Bank

The net profit for the period under review rose to Rs 2,160 crore from Rs 1,112 crore for the corresponding period of previous fiscal. "The bank's operating profit for the quarter grew 10 per cent YoY to Rs 6,416 crore while the core operating profit grew 13 per cent to Rs 5,896 crore," the bank said in a statement.

The bank and its subsidiaries Axis Capital and Axis Securities have completed the acquisition of 12.99 per cent stake collectively."The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year," the bank said in a statement.

A special purpose vehicle set up by True North Fund VI LLP, Fettle Tone LLP is currently a promoter of Max Bupa Health Insurance Company Ltd and holds 55.6 per cent of its total share capital. The transaction would include contribution of Rs 90.8 crore by Axis Bank Ltd, in cash, in the partnership capital of Fettle Tone LLP for acquiring 9.90 per cent of the aggregate partnership interest.