REG - Axis Bank Ltd Axis Bank Ltd (144A) - Disclosure under Reg 30 of SEBI (LODR) Reg. 2015

Axis BankAnnouncement

24/04/2023 07:00

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RNS Number : 1356X  Axis Bank Limited  22 April 2023

AXIS/CO/CS/40/2023-24

 

April 22, 2023

 

Dear Sir(s) / Madam,

 

SUB: EXECUTION OF DEFINITIVE AGREEMENTS FOR INVESTMENT IN GO DIGIT LIFE
INSURANCE LIMITED

 

REF: REGULATION 30 READ WITH PARA A OF SCHEDULE III OF THE SECURITIES AND
EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015

 

This is in furtherance to our earlier intimation dated September 27, 2022
regarding proposed investment in Go Digit Life Insurance Limited ("Go Digit
Life").

 

In this regard, we would like to inform you that Axis Bank Limited ("Bank")
has executed definitive agreements on April 21,2023 to invest an amount of up
to Rs. 69.90 crores 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 crores ("Initial
Subscription"). The Bank, at its discretion, may elect to invest an amount of
up to Rs. 58.97 crores 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").

 

Relevant disclosures in relation to the above under Regulation 30 of the SEBI
Listing Regulations read with the Securities and Exchange Board of India's
circular (CIR/CFD/CMD/4/2015) dated September 9, 2015, are enclosed as
Annexure A to this letter.

 

You are requested to take note of above and arrange to bring the same to the
notice of all concerned.

 

Thanking you,

 

Yours faithfully,

For Axis Bank Limited

 

 

 

Sandeep Poddar

Company Secretary

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