Report: Paytm to raise over $1.6b ahead of IPO in November

Report: Paytm to raise over $1.6b ahead of IPO in November

Tech in Asia·2021-06-18 20:00

“One97 Communications, the parent company which owns the Paytm brand, intends to issue fresh equity shares worth 120 billion rupees (US$1.6 billion) for its primary fund raise ahead of its much-awaited initial public offering (IPO), planned around November-end this year,'” Livemintreported.

Details:

According to the report, Paytm founder Vijay Shekhar Sharma will also be “declassified” from his status as “promoter” of Paytm in order to adhere to the rules set out by the Securities and Exchange Board of India.The fresh fundraise could include an issue of new equity shares, along with an “offer for sale” by some existing shareholders of the company.

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