Mumbai: Paytm Parent One97 Communication will collect $ 268 million (RS 2,000 Crore) in the round ahead of the initial public offering (IPO) by issuing shares to institutional investors.
Shareholders of the Paytm Parent Company on Monday approved the IPO RS 16,600-Crore, where RS 12,000 Crore will be raised through a new issue of new shares worth Rs 8,300 Crore.
Existing investors Softbank and Ant Group will have the option to sell shares worth Rs 8,300 Crore.
Shareholders also approve the resolution of positioning companies from the promoter-led entity to professionally managed.
While Vijay Shekhar Sharma will stop being a promoter, the shareholders agreed to the appointment as chairman, managing the Director and CEO and carrying it with the strength needed to make a decision for the IPO.
As a professional company, there are no shareholders who have special rights.
According to sources, the company has identified nine major management personnel, which will be named in the Red Herring Prospectus draft, which will be submitted immediately.
They are President & CEO of Madhur Deora, Chief Finance Officer Vikas Garg, Head (Offline Payment) Renu Satti, Head (Loan) Bhavesh Gupta, Head (Online Payment) Praveen Sharma, Paytm Labs CEO Harinderal Singh Takhar, First Game Paytm Coo Sudhanshu Gupta , CTO (Payment) MANMEET DHODY, and President (choice & operation) Deepankar Sanwalka.
In addition, the main official of this group is Paytm Money CEO of Varun Sridhar, Paytm Payment Bank MD & CEO of Satish Gupta, and Paytm General Insurance Head Vineet Arora.
Extraordinary General Meeting also resulted in the ‘Articles’ Budget’ of the company being supervised to meet guidelines for listings.
The employee’s share options plan (ESOP) has also been revised to ensure compliance with listing requirements.
Towards IPO, the company has seen several changes to his council with Chinese citizens to resign.
The Board also recently appointed former Business Head WhatsApp Neeraj Arora as director.
Last week, the company gave up equity shares 5.1 lakh up to 80 employees with a nominal price of Re 1 and RS 8 premiums per security.
Employees have tried to train their choices under the iceop.
Employees who have held shares are permitted to offer their securities as part of public offering.