Irdai gives final approval to Go Digit General Insurance for listing

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Insurance regulator IRDA gave its final approval on Friday Go Digit General Insurance For listing on stock exchanges.

Markets regulator Sebi had in September put on hold the proposed initial share sale of the Canada-based Fairfax Group-backed insurer.

GoDigit filed preliminary IPO documents with the capital markets regulator on August 17. Cricketer Virat Kohli and his wife Anushka Sharma are among the investors in the firm.

According to the draft papers, the company’s proposed initial public offering (IPO) consisted of issue of fresh equity shares worth Rs 1,250 crore and an offer for sale of 10.94 crore equity shares by a promoter and existing shareholders. The proceeds of the fresh issue were to be utilized for augmentation of the capital base of the Company and maintenance of solvency levels and for general corporate purposes.

Go Digit offers Motor Insurance, Health Insurance, Travel Insurance, Property Insurance, Marine Insurance, Liability Insurance and other insurance products to meet the needs of the customers.

It is one of the first non-life insurance companies in India to operate completely on cloud and has developed Application Programming Interface (API) integration with multiple channel partners.

According to the draft papers, cricketer Virat Kohli and his wife Anushka Sharma are among the investors in Go Digit General Insurance.

The Bengaluru-based company has a track record of delivering growth in gross written premium (GWP) of Rs 5,268 crore, Rs 3,243 crore and Rs 2,252 crore in financial years 2022, 2021 and 2020 with compound annual growth rate (CAGR). 53 percent from FY 2020 to FY 2022.

with inputs from agencies

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