“That is to tell you that HDFC Financial institution Restricted on August 24, 2022 has entered into an indicative and non-binding time period sheet with Go Digit Life Insurance coverage Restricted which summarizes the principal phrases of a proposed funding, by HDFC Financial institution within the firm, of an quantity between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to fairness shares of the corporate, for an fairness stake of as much as 9.944 per cent of the paid-up fairness share capital of the Firm,” the financial institution mentioned in an change submitting.
It mentioned that the transaction is topic to execution of definitive settlement whose phrases and situations are to be mutually agreed upon, and achievement of different phrases and situations.
Backed by Prem Watsa-led Fairfax Group and Kamesh Goyal, who’re additionally promoters of Go Digit Common Insurance coverage, the corporate has utilized for a licence from the Insurance coverage Regulatory and Improvement Authority of India (IRDAI) to arrange a life insurance coverage enterprise.
Go Digit had lately filed its DRHP to boost as much as Rs 1,250 crore through a recent subject and provide 109,445,561 shares within the provide on the market.
The insurance coverage firm has grown at a CAGR of 52.9 per cent