scorecardresearchHDFC Bank to acquire 9.94% stake in Go Digit Life Insurance
Mintgenie

HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

Team MintGenie
Updated: 26 Aug 2022, 08:08 AM IST
TL;DR.

HDFC Bank on August 24, 2022 has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, by HDFC Bank in the company, of an amount between ₹49.9 crore to ₹69.9 crore, in two tranches, by subscribing to equity shares, the bank said in a regulatory filing.

HDFC Bank has raised its marginal cost of funds-based lending rate by 5 to 10 basis points across loan tenors. Consequently, the overnight MCLR now stands at 7.80%. The 1 month MCLR is at 7.8%, 3 months is at 7.85%, 6 months is at 7.95%, 1 year is at 8.10%, 2 year at 8.20% and 3 year at 8.30%. Additionally, mortgage lender HDFC also raised its benchmark lending rate by 25 basis points.

HDFC Bank has raised its marginal cost of funds-based lending rate by 5 to 10 basis points across loan tenors. Consequently, the overnight MCLR now stands at 7.80%. The 1 month MCLR is at 7.8%, 3 months is at 7.85%, 6 months is at 7.95%, 1 year is at 8.10%, 2 year at 8.20% and 3 year at 8.30%. Additionally, mortgage lender HDFC also raised its benchmark lending rate by 25 basis points.

(PTI) The country's largest private sector lender HDFC Bank on Thursday said it will pick up 9.94 per cent stake in Go Digit Life Insurance Ltd.

HDFC Bank on August 24, 2022 has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, by HDFC Bank in the company, of an amount between ₹49.9 crore to ₹69.9 crore, in two tranches, by subscribing to equity shares, the bank said in a regulatory filing.

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, it said.

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, it said.

First Published: 26 Aug 2022, 08:08 AM IST

Topics to follow