Paytm seeks shareholder approval for Rs 12,000 crore sale of new stock

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.