Digit to have another go at an IPO

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Editor's note: Digit Insurance is set to refile its draft red herring prospectus this month, according to three industry executives, who asked not to be named. Additionally, the board of the general insurance company is set to meet in the coming days to either restructure or nullify the stock appreciation rights issued to its employees late last year, says the first executive. In November and December, in two separate allotments, Go Digit General Insurance Ltd issued stock appreciation rights to about a dozen employees, including CEO Jasleen Kohli, who was chief distribution officer until April last year. Stock appreciation rights allow eligible employees to receive a bonus equivalent to the rise in the company’s stock price.  To be sure, Digit has been allotting these rights to its employees since 2018. According to the second executive, SEBI may have had concerns in its initial review of the draft papers for an IPO, but the latest issuance of stock appreciation rights could have led to the shelving of the draft prospectus altogether. Reuters was the first to report about the capital market regulator’s decision …