HDFC Bank to acquire 9.94% in Go Digit Life

Private sector lender HDFC Bank on Thursday said it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Ltd. In an exchange filing, the bank stated it will invest `120 crore in two tranches to acquire up to 9.94% equity stake in the company. “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 said in a regulatory filing.

Go Digit Life has applied to the insurance regulator for a licence to carry out life insurance business in the country and is awaiting certificate of registration from the Insurance Regulatory and Development Authority of India (Irdai). The company recently filed draft papers with the market regulator to raise around `5,000 crore through an initial public offering (IPO)