SEBI Approves “Go Digit IPO,” Backed by Anushka Sharma and Virat Kohli; Get Details Here
Go Digit’s long-delayed initial public offering (IPO) was supported by Anushka Sharma and Virat Kohli, and it was authorized by SEBI with a new ₹1,250 crore issue. For general objectives and to increase the capital base, promoters, and current shareholders have contributed 10.94 crore shares of OFS.
Go Digit IPO: Supported by Bollywood actress Anushka Sharma and cricket player Virat Kohli, Go Digit’s IPO was just authorized by SEBI. Due to months-long regulatory problems, an IPO was unable to launch its public offering on March 4.
The business first submitted its preliminary IPO documents in August 2022.
According to Mint, the company’s capital base will be increased, general business goals and the maintenance of solvency levels will be the destinations of funds raised from the first public offering.
On March 5, SEBI said that they had seen something on March 1. Among the company’s investors are actress Anushka Sharma and cricketer Virat Kohli. Fairfax Group, a Canadian company, has supported the “Go Digit IPO,” nonetheless.
In the vernacular of the SEBI, an observation letter indicates that an IPO may proceed with its debut.
Go Digit’s IPO Background:
The business had previously submitted a Draft Red Herring Prospectus to SEBI in August 2022 in an attempt to acquire capital, but it was rejected because of compliance issues with the employee stock appreciation rights program.
In January 2023, the regulator returned Go Digit’s draft IPO filings because they did not comply with SEBI’s compliance criteria. The agency then requested that Go Digit submit the documents again with the necessary revisions. In April 2023, the business once again submitted its preliminary IPO documents to SEBI.
Go Digit’s parent company, Digit General Insurance claimed in November 2023 that it had received a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) for its “non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax.” This information was reported by Mint.
