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On September 27, 2022, Axis Bank Limited announced it entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited for a proposed investment. Axis Bank intends to invest between Rs. 49.90 crores and Rs. 69.90 crores, in two tranches, by subscribing to equity shares for an equity stake of up to 9.94% of Go Digit Life Insurance Limited's paid-up equity share capital.
| Date | 27 Sept 2022 |
| Time | 15:19:23 |
| Category | Miscellaneous |
| ID | 8844A |
AXIS/CO/CS/325/2022-23
September 27, 2022
Dear Sir/Madam,
Subject: Intimation
We would like to inform you that Axis Bank Limited ("Bank") has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited ("Company") for a proposed investment, by Axis Bank in the Company, of an amount between Rs. 49.90 crores to Rs. 69.90 crores, in two tranches, by subscribing to equity shares of the Company, for an equity stake of up to 9.94% 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. 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.
The Bank will provide requisite and complete disclosure under Regulation 30 of the SEBI Listing Regulations after signing of the definitive agreement.
This is for your information and records.
Thanking you,
Yours Sincerely,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
http://www.rns-pdf.londonstockexchange.com/rns/8844A_1-2022-9-27.pdf