The stake was purchased from Peak XV Partners through a block deal on the NSE.
Go Digit shares gained over 1% after the transaction was disclosed.
Highlights
- ICICI Prudential Mutual Fund bought a 0.62% stake in Go Digit General Insurance.
- The transaction was valued at Rs 139.03 crore through a block deal on the NSE.
- Peak XV Partners sold 57.21 lakh shares at an average price of Rs 243 per share.
- Go Digit shares rose more than 1% to Rs 256.05 following the deal.
- The CCI recently approved the merger of Go Digit Infoworks Services with Go Digit General Insurance.
- Peak XV had also sold shares worth Rs 100 crore in Go Digit General Insurance last month.
ICICI Prudential Mutual Fund has acquired a 0.62% stake in Go Digit General Insurance Ltd. through a block deal worth approximately Rs 139 crore, according to data available on the National Stock Exchange (NSE).
The mutual fund purchased 57,21,378 equity shares of the insurance company at an average price of Rs 243 per share, taking the total value of the transaction to Rs 139.03 crore. The deal was executed on Wednesday.
The shares were sold by Peak XV Partners Growth Investments III, an affiliate of US-based venture capital firm Peak XV Partners, which exited an equivalent stake through the same block deal.
Following the transaction, investor sentiment remained positive as shares of Go Digit General Insurance rose more than 1% on Thursday to trade at Rs 256.05 on the NSE.
The latest transaction comes shortly after the Competition Commission of India (CCI) approved the proposed amalgamation of Go Digit Infoworks Services Pvt. Ltd. with Go Digit General Insurance, a move aimed at streamlining the company’s corporate structure.
Peak XV has been gradually reducing its holding in the insurer. Last month, the venture capital firm sold more than 33.3 lakh shares of Go Digit General Insurance through another block deal worth nearly Rs 100 crore.
Go Digit General Insurance offers a wide range of general and health insurance products across India. The company has built a strong presence in the digital insurance space by focusing on technology-driven products, simplified claim processes and customer-friendly services.
The latest investment by ICICI Prudential Mutual Fund reflects continued institutional interest in the insurance sector, particularly in companies with strong digital capabilities and long-term growth potential.
