Sebi returns Go Digit General insurance IPO papers
requests controller Sebi has returned the primary IPO papers of Go Digit General Insurance Ltd, a establishment backed by Canada- grounded Fairfax Group, and now the company is looking to refile the documents with certain updates.
The company had filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in August 2022 to raise finances through an original public immolation (IPO). Go Digit’s proposed IPO comprises fresh allocation of equity shares worth Rs1,250 crore and an offer for trade (OFS) of10.94 crore equity shares by a protagonist and being shareholders. In the OFS, go number offers to vend 10,94,34,783 equity shares.
According to an update with Sebi on Tuesday, the requests controller has returned the draft papers on January 30. In a statement, the insurance company said the DRHP (Draft Red Herring Prospectus) has been returned in terms of Sebi’s ICDR (allocation of Capital and Disclosure Conditions) rules, which exempts rights granted under hand stock option plans to live at the time of filing the draft prospectus, but doesn’t also pure hand stock appreciation rights.
The company said its presently assessing emendations to its hand stock appreciation rights scheme and will refile its DRHP with Sebi in due course. Cricketer Virat Kohli and his woman and actor Anushka Sharma are among the investors in the establishment. Going by the draft papers, the proceeds from the fresh allocation have been proposed to be utilised for the addition of the company’s capital base and conservation of solvency situations and general commercial purposes.
Go number offers motor insurance, health insurance, trip insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the requirements of the guests. It’s one of the first non-life insurers in India to be completely operated on the pall and has developed operation programming interface (API) integrations with several channel mates.
About Go Digit (General Insurance Limited)
Insurance is complicated, – we’re here to simplify it. – Let’s talk about bread!
The way we know it today, sliced form, was not how it was a century ago. It had to be knifed, torn, or bitten-off from the loaf itself. Complicated, right? Especially now that you can easily toast a slice. Pop, so simple! But why are we talking about bread? Because insurance today is very much like that unsliced loaf of bread; cumbersome and unnecessarily complicated. Most consumers have a lack of understanding of what product is right for them, and claim settlement is a long, tedious process where paperwork and fine print make the entire experience unpleasant. Aargh, someone get us a knife here! We’re simplifying insurance products so that even a 15-year-old can comprehend them.
We believe this can be changed; the way insurance products are viewed, purchased, and claimed. Simply put, we are here ‘To Make Insurance Simple.’ With that as our mission, we are reimagining products, and redesigning processes. We are going back to the basics and building simple and transparent insurance solutions, that matter to people.
Products
Motor: Car Insurance- Two-Wheeler/Bike Insurance- Commercial Vehicle Insurance- Taxi/Cab Insurance- Auto Rickshaw Insurance- Truck Insurance
Health: Health Insurance-Super Top-up Health Insurance- OPD Health Insurance- Arogya Sanjeevani Policy- Personal Accident Insurance- Corporate Health Insurance
Other: International Travel Insurance- Flight Delay- Shop Insurance– Home Insurance