RattanIndia Enterprises has incorporated a wholly-owned subsidiary, 'Neotec Insurance Brokers' and registered with the Registrar of Companies NCT of Delhi and Haryana on Monday, 15 November 2021.
The authorised share capital of the company was at Rs 1,00,00,000 divided into 10,00,000 equity shares of Rs 10 each and the paid-up share capital is Rs 5,00,000 divided into 50,000 equity shares of Rs 10 each.
Neotec Insurance Brokers has been incorporated with the object of engaging as Direct Insurance Brokers in General and Life Insurance, as defined under The Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018, for which a licence would be obtained from the insurance regulator IRDAI in due course.
On a consolidated basis, RattanIndia Enterprises' net loss stood at Rs 4.48 crore in Q2 FY22 as compared to a net profit of Rs 0.05 crore in Q2 FY21. Net sales stood at Rs 0.54 crore in Q2 September 2021.
Shares of RattanIndia Enterprises rose 0.97% to Rs 51.90 on BSE. RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
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