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Fairfax-backed Go Digit receives Sebi’s approval to raise funds via IPO
Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday.
The approval came after the company's preliminary IPO papers were first filed in August 2022.
Go Digit's proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP).
Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base and maintenance of solvency levels and for general corporate purposes.
Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm.
According to an update with the Sebi (Securities and Exchange Board of India) on Monday, the regulator gave its observation on March 1.
In Sebi's parlance, obtaining ..