SEBI places on maintain Digit Insurance coverage’s IPO; no clarification on motion

India’s market regulator has stopped the preliminary public providing from Digit Insurance coverage, in response to a doc on its web site.

The Securities and Trade Board (SEBI) mentioned the corporate’s IPO was stored ‘postponed’ however didn’t give any additional clarification for the motion.

Reuters reported final month that the corporate, backed by Canadian billionaire Prem Wat’s Fairfax Group, is aiming to lift about $440 million via an preliminary public providing.

Established in 2017, Digit is attempting to broaden its presence basically insurance coverage by offering a superior customer support together with simple declare settlement.

The corporate’s prospectus filed final month confirmed that the IPO will contain a recent problem of 12.5 billion Indian rupees ($158 million) of shares, whereas present shareholders will promote 109.4 million shares.

(Reporting by Abhiroop Roy in Mumbai, Writing by Shilpa Jamkhandikar; Enhancing by Kim Coghill)

(Solely the title and picture of this report might have been reworked by Enterprise Commonplace employees; the remainder of the content material is generated routinely from a syndicated feed.)

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