Go-Digit General Insurance re-files preliminary IPO with SEBI

31 Mar 2023 , 03:33 PM

Go-Digit General Insurance, backed by Canada’s Fairfax and Virat Kohli has refiled its draft papers with the markets regulator Securities and Exchange Board of India. The company wants to raise funds through initial public offer (IPO) which includes fresh issues of equity shares worth Rs 1,250 crore and an offer for sale of up to 109.45 million shares by shareholders and promoters.

The offloading shareholders include Go Digit Infowarks Services Pvt Ltd., Kohli and his wife, actor Anushka Sharma.

The market regulator had returned the draft papers in February. The company has said, DRHP was returned in terms of SEBI’s Issuance of Capital and Disclosure Requirements rules, which exempts rights granted under the employee stock option plan (ESOP) to subsist at the time of filing the draft prospectus, but does not similarly exempt employee stock appreciation rights.

The company said it made amendments to ESOP, which had been approved by both the board and shareholders earlier in the month.

The company will use the net proceeds from fresh issue to augment the company’s capital base and maintenance of solvency levels and for general corporate purposes.

ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Capital Services are the merchant bankers of the issue. Link Intime India Private Limited is the registrar of the IPO.