One97 Communications, the parent company of Paytm in its recently held meeting with shareholders said the company intends to raise Rs 12,000 crore ($1.6 billion) by issuing fresh equity. The company’s much-awaited IPO is expected to come by November this year
The company in its extra-ordinary general meeting also stated that the IPO will include a fresh issue of equity shares and an offer for sale from certain existing shareholders.
The company in its EGM will also resolve to consider and approve the declassification of Vijay Shekhar Sharma from his status as a promoter of the company. “Resolved that the shareholders of the Company hereby take on record that Mr. Vijay Shekhar Sharma shall henceforth not be identified as a ‘promoter’ of the Company for any purpose, regulatory, statutory, commercial or otherwise, under any applicable law..,” said the shareholding
Paytm is backed by investors like SoftBank Group, Ant Group and Berkshire Hathaway.
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