HDFC Bank’s investment has valued GO Digit Life , which is yet to be a licensed, at around Rs 1200 crore
The partnership between Kamesh Goyal and Indian born Canadian billionaire Prem Watsa’s Fairfax, which already has a general insurance company, is now planning to foray into life insurance and reinsurance business in the country.
Mumbai:
HDFC Bank on Wednesday has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited to invest amount between Rs 49.9 crores to Rs 69.9 crores, in two tranches, for picking up 9.94 per cent in the company.
HDFC Bank’s investment has valued GO Digit Life , which is yet to be a licensed, at around Rs 1200 crore.
GO Digit Life insurance has recently applied for a licenses from the insurance regulator IRDAI for entering into India’s life insurance sector.
The partnership between Kamesh Goyal and Indian born Canadian billionaire Prem Watsa’s Fairfax, which already has a general insurance company, is now planning to foray into life insurance and reinsurance business in the country.,
It is not yet known between Goyal and Watsa who will be holding how much stake in these two ventures.
Deepak Parekh, chairman, HDFC Ltd, is an independent director in the board of Fairfax India.
HDFC which is the parent company of HDFC Bank, has already a life insurance company HDFC Life. But after the merger of HDFC with HDFC Bank, HDFC Life will be one of the subsidiaries of the of the bank.
Go Digit General Insurance, claiming to be an insurtech company, has already filed draft papers with the market regulator Sebi to raise around Rs 5,000 crore through an initial public offering (IPO) which will include fresh issuance of equity shares and an offer-for-sale.