New Delhi [India], August 26 (ANI): India’s largest personal sector lender HDFC Bank mentioned it’ll purchase 9.94 per cent stake in Go Digit Life Insurance.
Currently, Go Digit provides motor insurance, well being insurance, journey insurance, property insurance, marine insurance, legal responsibility insurance, and different insurance merchandise.
On Thursday, the personal lender entered into an “indicative and non-binding term sheet” with Go Digit Life Insurance price quantity between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to fairness shares of the Company, it mentioned in a regulatory submitting to the inventory exhanges.
This deal is, nonetheless, topic to execution of definitive agreements whose phrases and situations are to be mutually agreed upon, and fulfilment of different norms, it added.
“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,” the submitting mentioned.
Recently, Go Digit General Insurance has not too long ago filed its draft pink herring prospectus (DRHP) for an preliminary public providing (IPO) that may embrace recent issuance of fairness shares and an offer-for-sale.
The Company proposes to make the most of the IPO proceeds to increase its capital base and keep solvency ranges.
“Our proposed deployment of the Net Proceeds has not been appraised and it is based on management estimates, current circumstances of our business and prevailing market conditions, which may be subject to change,” the DRHP doc acknowledged. (ANI)
This report is auto-generated from ANI information service. ThePrint holds no duty for its content material.
