Axis Bank Limited (“Bank”) has executed definitive agreements on April 21,2023 to invest an amount of up to Rs. 69.90 crores in 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 Rs. 10.93 crores (“Initial Subscription”). The Bank, at its discretion, may elect to invest an 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 HDFC 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 Insurance Regulatory and Development Authority of India (“IRDAI”). Go Digit Life was incorporated as “Go Digit Life Sciences Private Limited” on December 16, 2021 as a private limited company under the Companies Act, 2013. It was subsequently converted to a public limited company on May 10, 2022. The name of Go Digit Life was changed from “Go Digit Life Sciences Limited” to its present name: “Go Digit Life Insurance Limited” on June 2, 2022. History of last 3 years turnover: Turnover (Operating Income) (standalone): FY2023 (Unaudited): Nil, FY2022 (Audited): Nil, FY2021: NA. Losses in FY2023 were Rs. 5.36 crores.
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