The country's largest private sector lender HDFC Bank on Thursday said it will pick up 9.94 per cent stake in Go Digit Life Insurance Ltd.
HDFC Bank on August 24, 2022 has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, by HDFC Bank in the company, of an amount between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares, the bank said in a regulatory filing.
The bank proposes to pick up to 9.944 per cent of the paid up equity share capital of the company, subject to execution of definitive agreements whose terms and conditions are to be mutually agreed upon, and fulfilment of other terms and conditions, it said.
The company proposes to carry out life insurance business in India, subject to grant of certificate of registration by Insurance Regulatory and Development Authority of India, it said.
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