Prism Johnson, in its latest regulatory filing said that it is divesting its entire 51% stake in Raheja QBE General Insurance to IT QorQL jointly owned by Paytm founder Vijay Shekhar Sharma and One 97 Communications.
The deal, which is valued at Rs. 289.68 crore is subject to approval from shareholders and other entities.
With this, Paytm will foray into general insurance business. Paytm is a distributor financial products including general insurance.
Raheja QBE is a joint venture general insurance company between Prism Johnson and QBE Insurance Group Australia.