The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly given the go-ahead for the Rs 1,250 crore Go Digit General Insurance Ltd initial public offering (IPO) backed by Fairfax.
In August, the general insurance company submitted draft papers to seek approval from the Securities and Exchange Board of India (SEBI) to go public. The capital market regulator sent a letter back to the investment bankers who oversee the IPO in October to clarify certain clarifications and is waiting for a response.
The insurance company plans to use the net proceeds to increase its capital base and maintain solvency levels.
Cricketer Virat Kohli and his wife, actress Anushka Sharma, are among the firm’s investors, according to the draft papers.
IndiaFirst Life Insurance has also received insurance regulator approval for its Rs 500 million IPO.
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