Fairfax-backed Go Digit Insurance is likely to file initial public offering (IPO) Draft Red Herring Prospectus (DRHP) this week, sources have told CNBC-TV18. The Bengaluru-based general insurance company is expected to raise Rs 5,000 crore via issuance of 15 percent equity.

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The Go Digit Insurance IPO is likely to be comprised of both fresh issue and Offer-For-Sale (OFS).

The Go Digit IPO is estimated to raise Rs 1,250 crore through fresh issue and the remaining of Rs 3,750 crore through OFS. The value of the Go Digit Insurance IPO is likely to be around Rs 30,000 - 35,000 crore.

Kamesh Goyal's Go Digit General Insurance Limited is a general insurance is backed by Canadian-based Prem Watsa’s Fairfax Financial Holdings Limited.

The insurance company had, earlier on July 18, announced the launch of ‘Pay as you Drive’ (PAYD) add-on feature for motor insurance Own Damage (OD) policies. The Indian cricketer Virat Kohli and actor Anushka Sharma backed company become country's first insurers to introduce the feature.

This feature enable the customers who drive less to pay the company had said in a press release. Anyone driving less than 10,000 kilometres per year on an average will be eligible to avail the discount.

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First Published:Aug 13, 2022 9:03 PM IST