Go Digit General Insurance Ltd has refiled its preliminary IPO papers with SEBI after making certain changes to its employee stock appreciation rights scheme, according to an update from the market regulator on Thursday.
The revision comes after SEBI returned Go Digit’s draft IPO (initial public offering) papers on January 30 and requested that the company to resubmit them with specific modifications.
IPO size unchanged
However, the size of the company’s IPO remains unchanged in the revised documents. The proposed IPO for Go Digit consists of a new issuance of equity shares valued at ₹1,250 crore and an offer for sale (OFS) of 10.94 crore equity shares made by the company’s promoter, Go Digit Infoworks Services, and current shareholders.
The company had first filed the draft red herring prospectus (DRHP) with SEBI in August 2022 to raise funds through an initial share sale.
The draft papers were “returned in terms of SEBI’s ICDR (Issuance of Capital and Disclosure Requirements) rules, which exempts rights granted under employee stock option plans to subsist at the time of filing the draft prospectus, but does not similarly exempt employee stock appreciation rights,” the company said in a statement.
Additionally, it stated that it was considering changes to its employee stock appreciation rights programme and that it will soon resubmit its DRHP to SEBI.
Go Digit has amended its employee stock appreciation rights scheme after the resolutions passed by its board and shareholders on March 21 and March 27, respectively, as per the updated draft papers.
Go Digit is backed by Canada-based Fairfax Group and offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products to meet the needs of its customers.