Canadian billionaire Prem Watsa’s Fairfax Group and cricketer Virat Kohli backed Go Digit General Insurance on Tuesday, filed draft papers with the market regulator Securities Exchange Board of India (SEBI) to pool funds via an Initial Public Offering (IPO).
The initial sale will be a combination of a fresh issue and an offer for sale (OFS).
As per the Draft Red Herring Prospectus (DRHP) submitted by the company with the market watchdog SEBI, Go Digit General Insurance is eyeing to raise Rs 1,250 crore via the fresh issue and offer 109,445,561 shares in the offer for sale ( OFS).
In the OFS, Go Digit Infoworks Services will offload up to 109,434,783 shares, Nikita Mihir Vakharia along with Mihir Atul Vakharia will sell up to 4,000 shares, Nikunj Hirendra Shah and Sohag Hirendra Shah, together, offload up to 3,778 shares and Subramaniam Vasudevan together with Shanti Subramaniam dispose of up to 3,000 shares, as per the draft paper.
According to the media reports, the company seeks to offload shares worth Rs 250 crore in a pre-IPO placement. If Pre-IPO placement happens, then the fundraising amount will be trimmed.
Go Digit General Insurance Limited is a digital full-stack general insurance firm that offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.