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HDFC Bank and Go Digit Life Insurance Limited signed a non-binding term sheet outlining the key conditions of HDFC Bank’s proposed investment of Rs 49.9 crore in the company on August 24. The bank reported in its regulatory filing that it had raised Rs 69.9 crore through the subscription of shares.
The bank has proposed buying 9.94% of the company’s paid-in share capital, however, this is contingent on both parties executing a definitive agreement on terms and conditions that are acceptable to both sides and the satisfaction of other requirements.
Subject to receiving a registration certificate from the Insurance Regulatory and Development Authority of India (IRDAI), the company has announced plans to launch a life insurance business in India.
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