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Business EconomyPosted at: May 21 2022 6:07PM


Paytm to invest Rs 950cr in PGIL

Mumbai, May 21 (UNI) One97 Communications that operates under the fintech brand Paytm on Saturday said that it will invest Rs 950 crore in the next 10 years to increase its stake in the general insurance entity PGIL to 74 per cent.
Incorporated in February 2018, Paytm General Insurance (PGIL) is currently an associate of Paytm in which the latter owns 49 per cent, while 51 per cent is held by Vijay Shekhar Sharma-led VSS Holding (VHPL).
In a regulatory filing, the company said that its Board in its meeting held on May 20, 2022 had approved the proposal to invest an amount of upto Rs 950 crore in Paytm General Insurance.


The investment will be made in tranches, over a period of 10 years.
"Post the transaction, PGIL would become a subsidiary of Paytm, wherein the company would hold 74 per cent shareholding and the remaining 26 per cent shareholding will be held by VHPL," it said.
With this transaction, PGIL, which is yet to commence its general insurance business, will become a subsidiary of Paytm.

Both, the company and VHPL would make primary infusion of capital in PGIL at the same price, it said.


"The investments will be utilized for setting up the general insurance business of PGIL and scaling up its operations, besides maintaining the minimum solvency margin as prescribed under the applicable insurance laws and regulations," the company said.
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Tags: #Paytm to invest Rs 950cr in PGIL
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