Axis Bank and HDFC Bank have signed definitive agreements to invest up to Rs 69.90 crore in Go Digit Life, both the banks announced in the exchange filing. The banks will acquire 9.94% shares each in Go Digit Life for Rs 10 each.
The banks will pay Rs 10.93 crore in the first tranche and they may choose to invest Rs 58.97 crore in the second tranche. The company is to complete the acquisition in three to six months from the execution date.
The first tranche investment is subject to IRDAI granting requisite approval to Go Digit Life for the application filed by Go Digit Life under IRDAI/R2, said the banks
Go Digit General Insurance plans to hit the market through an initial public offer later this year or early next year.
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