New Delhi: Digital Payments and Paytm Financial Services Companies on Monday Receive Shareholders’ Approval for the largest public offer in the country of RS 16,600 Crore, according to a source that is aware of the results of the EGM.
Shareholders have approved an increase in RS 12,000 Crore during the initial public offering and secondary stock sales will take the total amount to RS 16,600 Crore.
“Shareholders have agreed to all proposals at the extraordinary general meeting.
The shareholders have approved the proposal to increase the capital and fresh issues of stocks up to RS 12,000 Crore during the IPO.
Secondary salary will bring the total to RS 16,600 Crore,” said the source.
Email requests sent to Paytm do not get a reply.
Shareholders in EGM approved the proposal that the founder of Paytm Vijay Shekhar Sharma will not be identified as a ‘promoter’ of the company but will continue to be chairman, the executive director and chief executive company.
“According to the rules of Sebi, Paytm is a professionally managed company.
There are no shareholders who can have ‘special rights’.
That’s how the company listed needs to be in India,” said the source.
Until now, Indian coal has resulted in the largest IPO edition around RS 15,500 Crore listed in the last quarter of 2010.
According to sources, the company’s assessment tends to be in the range of Rs 1.78 lakh crore to RS 2.2 lakh crore.
With this range of assessments, Paytm is expected to be among the top 10 registered financial services in this country.
Paytm shareholders included the Alibaba ant group (29.71 percent), Softbank Vision Fund (19.63 percent), SAIF partners (18.56 percent) and Vijay Shekhar Sharma (14.67 percent).
AGH Holding, Price of T Rowe, Discovery Capital and Berkshire Hathaway is another shareholder in the company.
The company is expected to file a document for IPO this week.