September 24, 2022
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Sebi puts on hold insurer Go Digit’s IPO

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MUMBAI: Markets regulator Sebi has saved on maintain its nod for the proposed IPO of Go Digit Normal Insurance coverage. The corporate is backed by Canada-based Fairfax Group.
With out disclosing the rationale for its determination, Sebi mentioned “issuance of observations saved in abeyance” for the Go Digit IPO. The Bengaluru-based firm had filed its IPO papers with Sebi on August 17.
The IPO papers confirmed Go Digit was seeking to elevate Rs 1,250 crore by way of issuance of latest fairness shares. As well as, a few of its current shareholders would additionally offload 10. 9 crore shares at a value which was to be determined by the book-building course of.
Proceeds from the contemporary issuance have been to be utilised for the augmentation of the capital base and upkeep of solvency ranges and normal company functions, the corporate talked about within the IPO paper.
Go Digit affords motor insurance coverage, medical insurance, journey insurance coverage, property insurance coverage, marine insurance coverage, legal responsibility insurance coverage and different insurance coverage merchandise. ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss Monetary Companies, HDFC Bank and IIFL Securities are managing the difficulty.

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