The initial public offering of Go Digit will open for subscription on May 15 and close on May 17. According to the Red Herring Prospectus (RHP), anchor investors will be able to place their bids on May 14. The IPO for Go Digit received a go-ahead in March 2024 after delays over multiple compliance issues.
Indian cricketer Virat Kohli and actress Anushka Sharma, who are shareholders of the company, are not selling their shares in this public issue.
Also read: IRDAI slaps Rs 1 crore penalty on IPO-bound Go Digit General Insurance
The Prem Watsa-backed insurance company includes a fresh issue of shares worth Rs 1,125 crore and an offer-for-sale (OFS) of up to 5,47,66,392 equity shares, by its promoters and existing shareholders.
On May 4, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs 1 crore on the company for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued by its parent company to Fairfax-owned FAL Corporation. At the time of the joint venture (JV) back in 2017, the correct and agreed-upon conversion ratio was "1 CCPS for 2.324 equity shares," which was later changed by the company to "2.324 CCPS for 1 equity share."
Launched in 2016, the Pune-based Digit General Insurance Company offers car, travel, mobile, and jewelry insurance.
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