Mumbai: points insuranceA company backed by a Canadian billionaire love vats‘s Fairfax Grouphas halted a planned initial public offering (IPO), a Securities and Exchange Board of India (SEBI) regulatory document shown on Tuesday.
The document on Sebi’s website elaborates that the IPO has been “postponed” and certain comments have been issued.
Reuters reported last month that score Insurance aimed to raise about $440 million through an IPO for its non-life business. Sources had said it was seeking a valuation of between $4.5 billion and $5 billion.
While Sebi did not give any reason for its decision, a source familiar with the regulator’s thinking said concerns had been raised by the regulator that privately held Digits had issued shares to over 200 individuals in the last financial year. , which is not permitted under Indian laws and regulations. ,
The source said Digit would need to review Sebi’s concerns and address them at an appropriate forum.
A Digit spokesperson declined to comment and Sebi did not immediately respond to questions from Reuters.
Founded in 2017, Digit is looking to expand into general insurance, adding customer service benefits including easy claim settlement. Separately, it is entering the life insurance market with its Go Digit Life venture.
The prospectus filed by the company last month showed that the IPO will involve fresh shares worth 12.5 billion Indian rupees ($158 million), while existing stakeholders will sell up to 109.4 million shares.
The document on Sebi’s website elaborates that the IPO has been “postponed” and certain comments have been issued.
Reuters reported last month that score Insurance aimed to raise about $440 million through an IPO for its non-life business. Sources had said it was seeking a valuation of between $4.5 billion and $5 billion.
While Sebi did not give any reason for its decision, a source familiar with the regulator’s thinking said concerns had been raised by the regulator that privately held Digits had issued shares to over 200 individuals in the last financial year. , which is not permitted under Indian laws and regulations. ,
The source said Digit would need to review Sebi’s concerns and address them at an appropriate forum.
A Digit spokesperson declined to comment and Sebi did not immediately respond to questions from Reuters.
Founded in 2017, Digit is looking to expand into general insurance, adding customer service benefits including easy claim settlement. Separately, it is entering the life insurance market with its Go Digit Life venture.
The prospectus filed by the company last month showed that the IPO will involve fresh shares worth 12.5 billion Indian rupees ($158 million), while existing stakeholders will sell up to 109.4 million shares.