Sunday, August 1, 2021
Home Business Paytm seeks shareholder approval for $1.6 billion sale of new stock -...

Paytm seeks shareholder approval for $1.6 billion sale of new stock – Times of India


NEW DELHI: Indian digital payments firm Paytm is seeking shareholder approval to sell up to Rs 12,000 crore ($1.62 billion) in new stock in what could be the South Asian country’s biggest-ever initial public offering at a total of $3 billion.
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%, 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 via the public listing on Indian bourses, a source familiar with the matter told Reuters.
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.
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.





Source link

RELATED ARTICLES

What is a Packaging Sleeve?

Sleeve packaging gives your product a unique look. It is just like a box without tucks or folds. Learn more here to know about the complete guide to this packaging.

Upcoming Weekend Events You Must Attend in Arkansas

People traveling to a place for vacation often search for things to do in that place. For example, if you want to...

Easy Tips For Effective Golf Course Maintenance

A golf course facility spreads over many hectares. For timely completion of maintenance procedures, you need to invest in a long list...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

5 Great Books to Read about Handcrafted Jewelry

If you’re into jewelry either as a buyer or seller, you may also be interested in reading up on unusual handcrafted jewelry topics. Reading...

4 Reasons you should buy an R4 karte

You can certainly do wonders with your Nintendo DS gaming console when you have the R4 karte available to be used with it. If...

What are the things consider buying south Indian jewelers?

South Indian jewelers as luxurious would be exact, however a gross distortion of what it truly is. South Indian gem specialist's styles...

What is a Packaging Sleeve?

Sleeve packaging gives your product a unique look. It is just like a box without tucks or folds. Learn more here to know about the complete guide to this packaging.

Recent Comments