Axis Bank surges on executing definitive agreements to invest up to Rs 69.90 crore in Go Digit Life
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Axis Bank is currently trading at Rs. 871.35, up by 7.60 points or 0.88% from its previous closing of Rs. 863.75 on the BSE.
The scrip opened at Rs. 866.05 and has touched a high and low of Rs. 872.10 and Rs. 860.65 respectively. So far 118633 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 970.45 on 04-Jan-2023 and a 52 week low of Rs. 618.10 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 880.10 and Rs. 850.00 respectively. The current market cap of the company is Rs. 267135.19 crore.
The promoters holding in the company stood at 8.16%, while Institutions and Non-Institutions held 81.06% and 10.80% respectively.
Axis Bank has executed definitive agreements to invest an amount of up to Rs 69.90 crore 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 crore.
The Bank, at its discretion, may elect to invest an amount of up to Rs 58.97 crore 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).
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
