SEBI Suspends Go Digit General Insurance’s IPO Proposal

Go Digit had submitted documents for the IPO with the capital markets regulator on August 17. Cricket player Virat Kohli and his wife Anushka Sharma are among those who have invested in the company.

Capital market regulator SEBI has stopped the processing of IPO application of Virat and Anushka’s investment company, Go Digit.

The capital market regulator SEBI has suspended the Canada’s Fairfax Group backed Go Digit General Insurance’s proposal for Initial Public Offering (IPO). However, the Securities and Exchange Board of India (SEBI) has not given any details about this.

Go Digit had submitted documents for the IPO with the capital markets regulator on August 17. Cricket player Virat Kohli and his wife Anushka Sharma are among those who have invested in the company.

According to the documents submitted regarding the IPO of Go Digit, the company will issue fresh equity shares of Rs 1,250 crore under the IPO and the promoter and existing shareholders will put up 10.94 crore equity shares for sale offer. At the same time, the company will use the amount raised through new equity shares issued under the IPO for building capital base, general company purposes and other functions.

As per information available on SEBI’s website, the regulator has suspended the processing of Go Digit’s IPO application without disclosing the reasons. The company provides other insurance products including Auto Insurance, Health Insurance, Marine Insurance, Asset Insurance. 

Apart from this, SEBI has approved the IPO of Inox Green Energy and with this, the dilemma of approval of IPO of Biba Fashions has also been eliminated. SEBI will now proceed with the processing of the IPO.