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Paytm arm to acquire Raheja QBE General Insurance



Financial technology platform Paytm, owned by One 97 communications, and its CEO Vijay Shekhar Sharma are set to acquire Raheja QBE General Insurance.


"Raheja QBE is owned 51 per cent by Prism Johnson and 49 per cent by QBE Australia. Paytm is set to acquire both stakes and would own 100 per cent of the company," Paytm said in a statement.



The company, however, did not disclose the financial details of the transactions.

The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI), the statement added.



Meanwhile, Prism Johnson Ltd, formerly Prism Cement Ltd, in a separate statement said its board has approved selling its entire 51 per cent stake in its general insurance joint venture Raheja QBE General Insurance Company Ltd (RQBE) to Paytm and Vijay Shekhar Sharma for about Rs 290 crore.


In a regulatory filing Prism Johnson said its board has approved divestment of 51 per cent of the paid-up equity share capital in RQBE, a material subsidiary, to QORQL Pvt Ltd for an aggregate consideration of Rs 289.68 crore.


Sandip Ginodia , CEO

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