To Increase Stake To 74% Paytm Parent One97 Communications Invest’s INR 950 Cr In Paytm General Insurance

In a regulatory filing, the organization said its board approved the proposal to invest the amount in PGIL in tranches over a period of 10 years to increase its equity stake to 74%.

Incorporated in 2018, PGIL intends to join up for and undertake general insurance business and other insurance business as general insurance firms may be permitted to undertake from time to time. The company is yet to commence its general insurance business, which is normally presently subject to receipt of Certificate of Registration from the Insurance Regulatory and Development Authority of India (IRDAI).

Currently, One97 Communications holds 49% stake in PGIL, as the remaining 51% stake is held by VSS Holdings Private Limited (VHPL), which is handled by simply One97 Communications Managing Director and CEO Vijay Shekhar Sharma.

Source-

https://inc42.com/buzz/paytm-parent-one97-communications-to-invest-inr-950-cr-in-paytm-general-insurance-to-increase-stake-to-74/

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