AXIS BANK EXECUTION OF DEFINITIVE AGREEMENTS FOR INVESTMENT IN GO DIGIT LIFE INSURANCE LIMITED

  

Axis Bank Limited (“Bank”) has executed definitive agreements on April 21,2023 to invest an amount of up to Rs. 69.90 crores in Go Digit Life in two tranches, subject to the terms and conditions set out in the definitive agreements. In accordance with the definitive agreements, the consideration to be paid for the acquisition of 9.94% in the equity share capital of Go Digit Life (by way of a share subscription) in the first tranche amounts to Rs. 10.93 crores (“Initial Subscription”). The Bank, at its discretion, may elect to invest an amount of up to Rs. 58.97 crores in the second tranche post completion of the Initial Subscription, in accordance with the definitive agreements. Go Digit Life proposes to carry out life insurance business in  India, subject to grant  of certificate of registration  by Insurance  Regulatory and Development Authority of India (“IRDAI”).