Board Approval and Investment Details

The Board of Directors of Turtlemint Fintech Solutions Limited approved an investment of up to ₹1,49,51,13,103.05 (Indian Rupees One Hundred Forty-Nine Crore Fifty-One Lakh Thirteen Thousand One Hundred Three and Five Paise Only) in Turtlemint Insurance Broking Services Private Limited (TIB), a wholly owned subsidiary.

The investment is through subscription to a rights issue of up to 8,41,715 (Eight Lakh Forty-One Thousand Seven Hundred and Fifteen) equity shares of face value ₹10 each at an issue price of ₹1,776.27 per share (including a premium of ₹1,766.27 per share).

Shareholding Impact

TIB remains a wholly owned subsidiary post-investment with no change in the Company's shareholding percentage. Pre-investment shareholding: 1,59,90,026 shares (100%). Post-investment shareholding: 1,68,31,741 shares (100%).

Purpose of Investment

The investment is to enable TIB to meet working capital requirements including lease payments for its existing properties. This aligns with the objects of the Initial Public Offer as disclosed in the Prospectus.

Subsidiary Background

Turtlemint Insurance Broking Services Private Limited is a Composite Insurance Broker registered with IRDAI (Insurance Regulatory and Development Authority of India) operating in general insurance, life insurance, and reinsurance.

Key subsidiary details:

  • Date of incorporation: October 24, 2013
  • Business: Soliciting insurance policies in retail segment (motor, health, life, general)
  • Country of presence: India
  • Paid-up capital: ₹1,68,31,741 (post infusion)
  • Net worth (March 31, 2026): ₹1,758.63 Million

Turnover for last 3 years (₹ in millions):

  • FY 2023-24: 5,050.54
  • FY 2024-25: 6,745.24
  • FY 2025-26: 10,721.99

Transaction Details

  • Consideration: Cash
  • Related party status: TIB is a related party as a wholly owned subsidiary, but the transaction does not fall under Related Party Transaction definition
  • Management representation: Mr. Dhirendra Nalin Mahyavanshi (Managing Director & CEO) and Mr. Anand Rohidas Prabhudesai (Executive Director & COO) of the Company are Directors of TIB
  • Government approvals: Not applicable
  • Completion timeline: Not applicable

Additional Information

The information will be made available on the Company's website at www.turtlemint.com.