New Delhi: digital Financial services firm One97 Communications, which operates under Paytm The brand on Saturday said it has formed a joint venture general insurance company in which it has committed to invest Rs 950 crore over a period of 10 years.
Proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
Initially, One97 Communications (OCL) will hold 49 per cent stake in PGIL, while who will hold the remaining 51 per cent. OCLmanaging director of Vijay Shekhar Sharma-led VSS Holding Private Limited (VHPL).
Post the investment, Paytm will hold 74 per cent stake in PGIL, reducing VHPL’s stake in the company to 26 per cent.
The Paytm board’s decision came after its group firm transacted in a share purchase agreement to acquire Raheja QBE General Insurance Company Ltd., which was not concluded within the stipulated time frame.
In its exchange filing, OCL said it has re-appointed Sharma as its managing director for a period of five years. The company’s Group CFO and Chairman Madhur Deora has been appointed to its board as a whole-time director for the next five years.
Proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
Initially, One97 Communications (OCL) will hold 49 per cent stake in PGIL, while who will hold the remaining 51 per cent. OCLmanaging director of Vijay Shekhar Sharma-led VSS Holding Private Limited (VHPL).
Post the investment, Paytm will hold 74 per cent stake in PGIL, reducing VHPL’s stake in the company to 26 per cent.
The Paytm board’s decision came after its group firm transacted in a share purchase agreement to acquire Raheja QBE General Insurance Company Ltd., which was not concluded within the stipulated time frame.
In its exchange filing, OCL said it has re-appointed Sharma as its managing director for a period of five years. The company’s Group CFO and Chairman Madhur Deora has been appointed to its board as a whole-time director for the next five years.