HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

26 Aug 2022 , 12:12 PM

In an exchange filing, HDFC Bank said that it has proposed an investment of between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares of the company, for an equity stake of up to 9.944% of the paid-up equity share capital of the company. The investment is subject to execution of definitive agreements whose terms and conditions are to be mutually agreed upon, and fulfilment of other terms and conditions, the bank stated. 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 (IRDAI), the private lender said in the press release. HDFC Bank is private sector lender. As of 30 June 2022, the banks distribution network was at 6,378 branches and 18,620 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,203 cities / towns as against 5,653 branches and 16,291 ATMs / CDMs across 2.917 cities /towns as of 30 June 2021. Number of employees were at 152.511 as of June 30, 2022 (as against 123,473 as of 30 June 2021). The banks net profit rose 18.97% to Rs 9,195.99 crore on 13.02% increase in total income to Rs 41,560.27 crore in Q1 FY23 over Q1 FY22. Shares of HDFC Bank were up 0.85% to Rs 1,476.30 on the BSE. Powered by Capital Market – Live News