Paytm plans to raise Rs 12K crore via fresh equity

Payments platform Paytm will seek shareholders’ nod to raise up to Rs 12,000 crore ($1.6 billion) through fresh issue of equity shares in its forthcoming initial public offering. This, along with other items is on the agenda of the company’s extraordinary general meeting scheduled to be held in the Capital on July 12.

The company in its EGM notice also said that there will be offer for sale of equity shares by existing shareholders of the firm. The EGM will also consider declassifying founder Vijay Shekhar Sharma from his status as a promoter of the company. Sharma is understood to have written to the board on declassification of his status as a promoter. The move may ease his compliance requirements and obligations, according to reports.