The parent company of Paytm, One97 Communication Ltd, helmed by Vijay Shekhar Sharma, has planned to issue new equity shares for Rs 12,000 crore as part of its primary financing. According to the suggestion, Paytm founder Sharma may be declassified as a promoter of the business under the Securities and Exchange Board of India’s (SEBI) public listing guidelines. The decision to declassify Sharma from the aforementioned status will be made at the company’s special meeting on July 12. The financing news comes ahead of Paytm’s much-anticipated IPO in November.
Paytm has enlisted the help of some of the most powerful investment bankers for its anticipated IPO. JP Morgan, Morgan Stanley, Goldman Sachs, and ICICI Securities are expected to lead the IPO, which is billed as the largest in the financial industry. In addition, the fintech behemoth plans to file its draught red herring prospectus in July. Paytm made its IPO intentions public after reaching out to workers and offering them the opportunity to submit their shares as part of an offer for sale shares.
Paytm’s owners include Alibaba’s Ant Group (29.71%), Softbank Vision Fund (19.63%), and Saif Partners (18.56%). Vijay Shekhar Sharma owns 14.67 percent of the firm. Berkshire Hathaway, AGH Holding, T Rowe Price, and Discovery Capital all have holdings in the firm. Paytm, led by founder and CEO Vijay Shekhar Sharma, has been increasing income and monetising its services over the last year. Beyond digital payments, the firm has grown into banking, credit cards, financial services, wealth management, and digital wallets.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.