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HDFC Bank, Axis Bank sign definitive agreement with Go Digit Life Insurance
April 24, 2023
HDFC Bank has said in its regulatory filing that it has entered into a definitive agreement for the investment. in 69.90 crores go digit Life Insurance Ltd. in two installments.
It said it has made the first installment of payment 10.93 crores for the acquisition.
The bank said that the second installment of 58.97 crore after completion of initial subscription as per the definitive agreements.
HDFC Bank Limited (“the Bank”) has entered into definitive agreements to invest an amount of up to ₹69.90 crore in Go Digit Life Insurance Limited (“Go Digit Life”) on April 21, 2023, in two tranches subject to terms and conditions. And the terms are set out in definitive agreements.
As per the definitive agreements, an amount to be paid for acquisition of 9.94% in the equity share capital of Go Digit Life (by way of share subscription) in the first tranche of approximately ₹10.93 crore (“Initial Subscription”). The Bank may, at its discretion, elect to invest the remaining amount up to ₹58.97 crore in the second tranche after completion of the initial subscription, as per the definitive agreements.
Axis Bank has entered into definitive agreements to invest in 69.90 crore in two installments in Go Digit Life Insurance Ltd. It said it has made the first installment of payment 10.93 crores for the acquisition.
The transaction is expected to be completed in 3 to 6 months from the date of execution.
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