HDFC Bank to invest Rs 120 crore in Go Digit Life for 9.94% stake

In a stock exchange filing, HDFC Bank said it will invest between Rs 49.9 crore to Rs 69.9 crore in two tranches to acquire up to 9.94% equity stake in the Fairfax-backed company

HDFC Bank on Thursday said it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance, wherein the bank is looking to invest around Rs 120 crore in the company for a 9.94 per cent stake.

Go Digit Life has applied to the insurance regulator for a license to carry out life insurance business in the country and is awaiting certificate of registration by the Insurance Regulatory and Development Authority of India (Irdai).

Kamlesh Goyal-backed Go Digit is looking to bag a life insurance as well as reinsurance license from the regulator.

Recently, Go Digit General