New Delhi : Go Digit General Insurance , a firm backed by Ca nada – based Fairfax Group , has refiled preliminary IPO papers with Securities and Exchange Board of India ( Seri ) after ma king certain changes to its employee stock appreciation rights scheme , an update with the markets regulator showed on Thursday .
This came after Seri return need Go Digit’s draft IPO ( Initial Public Offering ) papers on January 30 and asked the company to refile the documents with carta in updates . The size of the com Pany’s IPO remain unchanged in the revised documents . Go Di git’s proposed IPO comprises fresh issuance of equity shares worth R 1,250 crore and an Offer For Sale ( OFS ) of 10.9 crore equity shares by a promoter Go Digit Info Works Services and existing shareholders . Proceeds from the fresh issuance have been proposed to be utilised for tuna he augmentation of the company’s capital base and maintop nonce of solvency levels and general corporate purposes .
The company had first filed the draft red herring prospectus ( DRHP ) with the Seri in Au gust 2022 to raise funds through an initial share sale . However , it was thwarted primarily due to certain compliance require mints pertaining to employee stock appreciation rights she me . The draft papers were ” re turned in terms of Semi’s ICDR ( Issuance of Capital and Dis closure Requirements ) rules , which exempts rights granted , under employee stock option plans to subsist at the time of fi ling the draft prospectus , but does not similarly exempt imp love stock appreciation rights , ” the insurance company had said in a statement .
The company had said that it was evaluating amendments to its employee stock appreciate tin rights scheme and will re file its Drop with Seri in due course .
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