Without disclosing the reason for its decision, Sebi said “issuance of observations kept in abeyance” for the Go Digit IPO. The Bengaluru-based company had filed its IPO papers with Sebi on August 17.
The IPO papers showed Go Digit was looking to raise Rs 1,250 crore through issuance of new equity shares. In addition, some of its existing shareholders would also offload 10. 9 crore shares at a price which was to be decided by the book-building process.
Proceeds from the fresh issuance were to be utilised for the augmentation of the capital base and maintenance of solvency levels and general corporate purposes, the company mentioned in the IPO paper.
Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products. ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss Financial Services, HDFC Bank and IIFL Securities are managing the issue.
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