Axis Bank surges on executing definitive agreements to invest up to Rs 69.90 crore in Go Digit Life!
Shares of the company gained more than 12% in last one year.
Agreements to Invest in Go Digit Life
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 the grant of certificate of registration by Insurance Regulatory and Development Authority of India (IRDAI).
Share price movement of Axis Bank Limited
Today, the stock opened at Rs 866.05, with a high and low of Rs 884.60 and Rs 860.65. The stock closed trading at Rs 882.45, up by 2.16%.
The stock has a 52-week high of Rs 970.45 and a 52-week low of Rs 618.10. The company has ROE and ROCE of 5.15 and 12.7 and a market capitalisation of Rs 2,71,516.81 crore.
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. The Bank is the 3rd largest private sector bank in India.
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