on Thursday said it will invest in IPO-bound Go Digit Life . The lender said it entered into an indicative and non-binding term sheet with the Fairfax Holdings-backed insurer.

In a stock exchange filing, said it will invest between Rs 49.9 crore to Rs 69.9 crore in two tranches to acquire up to 9.94% equity stake in the company.

Go Digit recently filed its draft red herring prospectus (DRHP) to raise around Rs 5,000 crore through an initial public offering (IPO) that will include fresh issuance of equity shares and an offer-for-sale.

It will be the first general insurer to be listed on the bourses in five years. ICICI Lombard and New India Assurance went public in 2017. The company, formally known as Go Digit General Insurance, is looking to issue fresh equity of Rs 1,250 crore while the offer-for-sale will consist of 109.4 million equity shares by promoters and selling shareholders.

Go Digit Infoworks Services Pvt Ltd, the promoter holding around 86.35 per cent stake in the company, will offload 109 million shares. Investors Nikita Mihir Vakharia and Mihir Atul Vakharia will sell up to 4,000 equity shares, Nikunj Hirendra Shah and Sohag Hirendra Shah will sell 3,778 equity shares, and Subramaniam Vasudevan jointly with Shanti Subramaniam will sell 3,000 equity shares.

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