Axis Bank Ltd to invest Rs. 69.90 crores in Go Digit Life

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. 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").

Shares of Axis Bank Limited was last trading in BSE at Rs. 863.75 as compared to the previous close of Rs. 868.80. The total number of shares traded during the day was 212081 in over 6372 trades.

The stock hit an intraday high of Rs. 873.80 and intraday low of 857.70. The net turnover during the day was Rs. 183875198.00.

Source : Equity Bulls

Keywords

AxisBank INE238A01034 Investment GoDigitLife