Virat Kohli-backed Go Digit General Insurance refiles draft papers with SEBI

IPO

Canada's Fairfax and cricketer Virat Kohli-backed Go Digit General Insurance Ltd has refiled its draft papers with the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

The market regulator had in February returned the draft papers. The Draft Red Herring Prospectus (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 has said.

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

The IPO comprises a fresh issue of Rs 1,250 crore and an offer for sale of up to 109.45 million shares by shareholders and promoters. The OFS consists of up to 109.43 million shares by Go Digit Infowarks Services Pvt Ltd. Kohli and his wife, actor Anushka Sharma, are among the investors in the firm.

Proceeds from the fresh issue will be used to augment the company's capital base and maintenance of solvency levels and for general corporate purposes.

Go Digit offers motor, health, travel, property, marine and liability insurance as well as  other such products.

It is one of the first non-life insurers in India to be fully operated on the cloud and has developed application programming interface integrations with several channel partners.