Axis Bank Ltd to invest in Go Digit Life Insurance Ltd

Axis Bank Limited ("Bank") has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited ("Company") for a proposed investment, by Axis Bank in the Company, of an amount between Rs. 49.90 crores to Rs. 69.90 crores, in two tranches, by subscribing to equity shares of the Company, for an equity stake of up to 9.94% 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.

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.

Source : Equity Bulls

Keywords

AxisBank Termsheet Investment GoDigitLifeInsurance