Image Credits: Bloomberg Quint
Paytm, an Indian multinational tech company that concentrates on digital wallets, e-commerce, payment systems, and financial services. It is backed by industry giants such as SoftBank Group, Ant Group, and Berkshire Hathaway. The parent company of Paytm, One97 Communications has a board meeting recently with its shareholders mentioned the company.
In this meeting, it was discussed that the company aims to raise Rs.12,000 crores or approximately $1.6 billion by the process of issuing fresh equity.
During this extraordinary general meeting, the company also mentioned that the upcoming IPO will consist of not only a fresh issue of equity but also an offer for sale from pre-existing shareholders. The company’s annual general meeting is said to be cataloged to happen on 30th June 2021.
The company in its extraordinary general meeting (EGM) also came to the consensus to take into account and approve and publicize that Vijay Shekhar Sharma has been declassified from his status as a promoter of the company. The company mentioned in a statement that this is on the 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”. Vijay Shekhar Sharma holds close to 14.61 percent equity in the company.