NEW DELHI: Digital monetary companies agency One97 Communications, which operates beneath Paytm model, on (*10*) mentioned it has shaped a joint venture general insurance firm in which it has dedicated to make investments Rs 950 crore over a interval of 10 years.
The proposal to arrange joint venture agency Paytm General Insurance Limited (PGIL) was authorized by the board on May 20, the corporate mentioned in a regulatory submitting.
Initially, One97 Communications (OCL) will maintain a 49 per cent stake in PGIL whereas the remaining 51 per cent stake is to be owned by OCL’s managing director Vijay Shekhar Sharma-led VSS Holding Private Limited (VHPL).
Post the investment, Paytm will maintain 74 per cent stake in PGIL, decreasing VHPL’s stake in the corporate to 26 per cent.
The determination of Paytm board got here after its group agency’s transaction right into a share buy settlement to purchase Raheja QBE General Insurance Company Limited didn’t consummate inside stipulated timeframe.
In its change submitting, OCL mentioned that it has reappointed Sharma as its managing director for 5 years. Madhur Deora, the corporate’s Group CFO and president, has been appointed on its board as a whole-time director for the following 5 years.
The proposal to arrange joint venture agency Paytm General Insurance Limited (PGIL) was authorized by the board on May 20, the corporate mentioned in a regulatory submitting.
Initially, One97 Communications (OCL) will maintain a 49 per cent stake in PGIL whereas the remaining 51 per cent stake is to be owned by OCL’s managing director Vijay Shekhar Sharma-led VSS Holding Private Limited (VHPL).
Post the investment, Paytm will maintain 74 per cent stake in PGIL, decreasing VHPL’s stake in the corporate to 26 per cent.
The determination of Paytm board got here after its group agency’s transaction right into a share buy settlement to purchase Raheja QBE General Insurance Company Limited didn’t consummate inside stipulated timeframe.
In its change submitting, OCL mentioned that it has reappointed Sharma as its managing director for 5 years. Madhur Deora, the corporate’s Group CFO and president, has been appointed on its board as a whole-time director for the following 5 years.
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