Vedavaag Systems Invests ₹75 Lakhs in Subsidiary

Vedavaag Systems Ltd has made a further investment of ₹75,00,000 (₹75 Lakhs) in its wholly-owned subsidiary, Vedavaag Financial Insurance Broking Services Private Limited (VFIBSPL), through a rights issue. The company subscribed to 7,50,000 equity shares of ₹10 each. This investment maintains Vedavaag Systems' 100% shareholding in VFIBSPL, which is engaged in insurance agency and broking services. VFIBSPL recently received in-principle approval from IRDAI to act as a Direct Insurance Broker (Life and General). The transaction is considered a related party transaction but is conducted at arm's length.