Paytm Seeks Shareholder Approval for Rs. 12,000-Crore Sale of New Stock

0
Loading...

Indian digital payments firm Paytm is seeking shareholder approval to sell up to Rs. 12,000 crores in new stock in what could be the South Asian country’s biggest-ever initial public offering at a total of $3 billion (roughly Rs. 22,170 crores).

Paytm, which counts China’s Alibaba and Japan’s SoftBank as backers, will sell new shares and will also have an option to retain an over-subscription of up to 1 percent, the company said in a notice for an extraordinary general meeting (EGM) of shareholders in Delhi on July 12.

The company is aiming to raise $3 billion (roughly Rs. 22,170 crores) via the public listing on Indian bourses, a source familiar with the matter told Reuters.

Loading...

It has hired banks JPMorgan Chase, Morgan Stanley, ICICI Securities, and Goldman Sachs for the IPO, the source added, declining to be identified as the matter is private.

At the EGM, Paytm also plans to propose that its founder, Vijay Shekhar Sharma, be relieved from his role as the company’s “promoter”, the company said in the notice.

Paytm did not respond to a request for comment.

Loading...

Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes boosted digital payments.

Paytm has since branched out into services including insurance and gold sales, movie, and flight ticketing, and bank deposits and remittances.

© Thomson Reuters 2021

Loading...

Disclosure: Paytm’s parent company One97 is an investor in NDTV’s Gadgets 360.


Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

Loading...

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Loading...
Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More