IPO-bound Paytm to expand ESOP pool to 61 mn shares through EGM on Sep 2

Paytm, the Indian digital payments pioneer backed by SoftBank Group Corp., will seek shareholders’ approval to appoint Ant Group Co. executive Douglas Feagin to its board as it prepares for India’s largest initial public offering.

The startup backed by Berkshire Hathaway Inc. and Jack Ma’s Ant is calling an extraordinary meeting Sept. 2 to get shareholders to vote on the Ant international chief’s appointment as a replacement for Ant Chairman Eric Jing. Paytm also seeks to add two other directors: former Whatsapp chief business officer Neeraj Arora and Ashit Ranjit Lilani, managing partner of Saama Capital.

It will also seek a sharp increase in its employee stock ownership plan to 61.09 million equity options, according to a shareholder memo seen by Bloomberg News.