HDFC Bank Limited (the “Bank”) has executed definitive agreements on April 21, 2023 to invest an amount of up to Rs. 69.90 crores in Go Digit Life Insurance Limited (“Go Digit Life”) in two tranches, subject to the terms and conditions set out in the definitive agreements. In accordance with the definitive agreements, the consideration to be paid for the acquisition of 9.94% in the equity share capital of Go Digit Life (by way of a share subscription) in the first tranche amounts to approximately Rs. 10.93 crores (“Initial Subscription”). The Bank, at its discretion, may elect to invest the remaining amount of up to Rs. 58.97 crores in the second tranche post completion of the Initial Subscription, in accordance with the definitive agreements.
Today Axis Bank also announced acquisition of 9.94% in Go Digit Life.
Go Digit Life proposes to carry out life insurance business in India subject to grant of certificate of registration by the Insurance Regulatory and Development Authority of India (IRDAI). Basis the unaudited financial statements of Go Digit Life for the year ended March 31, 2023, the turnover (operating income) was NIL and losses were Rs. 5.36 crores. Total Assets were Rs 26.42 crores. Go Digit Life was incorporated on December 16, 2021.
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