HDFC Bank inches up on entering into term sheet to pick up to 9.94% stake in Go Digit Life Insurance
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HDFC Bank is currently trading at Rs. 1473.70, up by 9.85 points or 0.67% from its previous closing of Rs. 1463.85 on the BSE.
The scrip opened at Rs. 1468.25 and has touched a high and low of Rs. 1481.45 and Rs. 1468.25 respectively. So far 13634 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1724.30 on 18-Oct-2021 and a 52 week low of Rs. 1271.75 on 17-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1512.00 and Rs. 1450.25 respectively. The current market cap of the company is Rs. 821182.73 crore.
The promoters holding in the company stood at 25.73%, while Institutions and Non-Institutions held 59.58% and 14.69% respectively.
HDFC Bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance. The term sheet summarises the principal terms of a proposed investment by HDFC Bank in the company, of an amount between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares.
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. 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.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
