HDFC Bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance. The term sheet summarises the principal terms of a proposed investment by HDFC Bank in the company, of an amount between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares.
The bank proposes to pick up to 9.944 per cent 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.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
