Markets regulator has kept an initial public offering from Digit Insurance on hold, according to a document on its website.

The Securities and Exchange Board (SEBI) said the company's IPO was kept in 'abeyance', but did not offer any further explanation for the action.

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Proposed offering is to combine fresh isue of ₹1,250 crore and an offer for sale of 10.94 crore shares by promoters and selling shareholder for an undisclosed sum amount

Reuters reported last month that the company, backed by backed by Canadian billionaire Prem Watsa's Fairfax Group, aimed to raise around $440 million through an initial public offering.

Founded in 2017, Digit is trying to expand its presence in general insurance by offering a better customer service including easier claim settlements.

The company's prospectus filed last month showed the IPO will consist of a fresh issue of shares worth ₹1250 crore ($158 million), while existing shareholders will sell up to 109.4 million shares.