M&A

M&A

Undone: Irdai rejects Paytm - Raheja QBE deal

Business Standard  

The proposed buyout of general insurance company RahejaQBE by Paytm Insuretech has not found favour with the Insurance Regulatory Development Authority of India (Irdai), sending the deal back to the drawing board again.

From the Venture Intelligence M&A Deals Database: In Jul-20, QORQL Pvt Ltd, a technology company with majority shareholding held by Vijay Shekhar Sharma and remaining by One97 Communications Ltd (the parent company of fintech brand Paytm), had proposed to acquire 100% stake in Raheja QBE, a Mumbai-based private sector general insurer, for nearly INR 568 crore. Raheja QBE is 51% owned by Mumbai-based, publicly listed Prism Johnson and 49% by QBE Australia.