Go Digit General Insurance re-files IPO papers with Sebi Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has refiled preliminary IPO papers with Sebi after making certain changes to its employee stock appreciation rights scheme, an update with the markets regulator showed on Thursday. This came after Sebi returned Go Digit’s draft IPO (Initial Public Offering) papers on January 30 and asked the company to refile the documents with certain updates. The size of the company’s IPO remain unchanged in the revised documents. Go Digit’s proposed IPO comprises fresh issuance of equity shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore equity shares by a promoter Go Digit Infoworks Services and existing shareholders. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes. The company had first filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in August 2022 to raise funds through an initial share sale. However, it was thwarted primarily due to certain compliance requirements pertaining to employee stock appreciation rights scheme. The draft papers were “returned in terms of Sebi’s ICDR (Issuance of Capital and Disclosure Requirements) rules, which exempts rights granted under employee stock option plans to subsist at the time of filing the draft prospectus, but does not similarly exempt employee stock appreciation rights,” the insurance company had said in a statement. Also Read: Fees from IPOs dip 68% in FY23 The company had said that it was evaluating amendments to its employee stock appreciation rights scheme and will refile its DRHP with Sebi in due course. Go Digit has amended its employee stock appreciation rights scheme after the resolutions passed by its board and shareholders on March 21 and March 27 respectively, as per the updated draft papers. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. 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 insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners.
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Logistics, good or bad, are driven by the states and the commerce ministry has a LEADS (Logistics Ease Across Different States) report, based on perceptions. The 2023 version was released in December. Since states are heterogenous, in the reporting, they are divided into four groups—coastal, landlocked, north-east, and UTs. States that do well are called achievers. Nomenclature matters. Thus, states that are middling aren’t called average. They are called fast movers. States that are sub-par are called aspirers. Let me highlight coastal states, since 75% of export cargo is estimated to originate from them. Among coastal states, ones that do well are Andhra Pradesh, Gujarat, Karnataka, and Tamil Nadu. The ones that lag are Goa, Odisha, and West Bengal. While India’s logistics performance may have improved over time, that’s not true of every state. Some have slipped. Most states have a state-level logistics policy, including Goa and Odisha. West Bengal, bottom of the pecking order in the coastal category, doesn’t have one. To quote from LEADS 2023, “Looking ahead, the State (West Bengal) could benefit from formulating a State Logistics Master Plan and State Logistics Policy to drive efficiency improvements and facilitate investments within the logistics sector and undertake consultation with the logistics stakeholders for educating and informing them about the initiatives State is undertaking for the development and improvement of logistics sector.”
Logistics has been talked about for a long time and India has also focused on improving performance. We are now getting some precise data on measurement and quantification. That helps.
Bibek Debroy, chairman, EAC-PM. Views are personal.
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The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.