General insurer Go Digit's IPO plan delayed, Sebi returns issue papers

Firm will have to refile for public issue

ipo
Khushboo Tiwari Mumbai
2 min read Last Updated : Feb 07 2023 | 4:45 PM IST
The capital market regulator has returned Go Digit General Insurance’s initial public offering (IPO) paper. According to the update on Securities and Exchange Board of India’s (Sebi) website, the papers were returned on January 30 with observations, which means the company will have to refile the draft offer document if it intends to go public.

Canada-based Fairfax and cricketer Virat Kohli-backed Go Digit had filed for the public issue on August 17, 2022. In September the regulator had placed the company’s proposed sale in ‘abeyance’, and had sought clarifications from the investor bankers then.

Sebi has not clarified any specific reason for returning the draft papers.

Go Digit, in a communication on Tuesday, has said that the draft red herring prospectus has been returned referring to regulations which exempt rights granted under employee stock option plans (ESOP) to subsist at the time of filing. 

"The company is currently evaluating amendments to its employee stock appreciation rights scheme and will refile its draft red herring prospectus with Sebi in due course," said Go Digit in a statement. 

The company’s initial filing showed that it comprised a fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale of 109.4 million equity shares by a promoter and existing shareholders. 


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Topics :SEBIGeneral InsuranceIPOs

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