Paytm to raise ₹12K cr via fresh equity in IPO

Payments and wallet giant Paytm has taken a step closer to its initial public offering (IPO) as it sought shareholders’ approval to sell ₹12,000 crore worth of new shares in its IPO.

A notice sent to shareholders on Friday said the share sale proposal and others will be put to vote at an extraordinary general meeting on July 12. Paytm’s parent One97 Communications Ltd, India’s second most-valued startup worth $16 billion, is expected to launch its IPO in late November.

“The company proposes to create, offer, issue and allot fresh equity shares of the company of face value of ₹1 each of the company (the “equity shares”) up to an aggregate of ₹12,000 crore […]