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India's market-share companies told Reuters on Tuesday after going over some parity issues with employee share plans in a private letter.
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The documents will again be filed by the company for its $440 million initial public offering (IPO).
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This is the second such blow to Digit's ambitions. Sequoia Capital, a $3.5 billion company, provides general insurance companies.
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Related to share issuance, market circulars stalled Digit's September IPO offer due to some similar issues, later initiated review again.
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In a January 30 letter released by the Securities and Exchange Board of India (SEBI), seen by Reuters, Singal said it was returning IPO documents to Digit.
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Because the company did not inform the employees by issuing the purported share appreciation rights.
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Such a right allows an employee to receive a bonus equal to the increase in the company's share values over a specified period of time.
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Digit was "not found eligible to make an Initial Public Offer as per SEBI's letter", which is not public and was not reported earlier.
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Digit, founded in 2017 and backed by Indian investment firm TVS Capital Funds, is looking to expand into general insurance.