Paytm seeks shareholder approval for $1.6 billion sale of new stock

NEW DELHI: Indian digital payment company Paytm is seeking shareholder approval to sell up to Rs.12,000 billion in new shares.
Paytm, which counts China’s Alibaba and Japan’s SoftBank as supporters, will sell new shares and also have an option to maintain an oversubscription of up to 1%, the company said in an invitation to an extraordinary general meeting of shareholders in Delhi on July 12th .
The company is aiming to raise $ 3 billion through public listing on Indian stock exchanges, a source familiar with the matter told Reuters.
It has hired banks JPMorgan Chase, Morgan Stanley, ICICI Securities and Goldman Sachs to go public, the source added, and declined to be identified as the matter is private.
At the annual general meeting, Paytm also wants to propose that its founder Vijay Shekhar Sharma be released from his role as the company’s “promoter”, according to the announcement.
Paytm did not respond to a request for comment.
Paytm was launched as a mobile charging platform a decade ago and grew quickly after the ride service company Uber listed it as a fast payment option. Its use continued to grow in 2016 when a ban on high-currency banknotes encouraged digital payments.
Paytm has since branched into services such as insurance and gold sales, movie and plane tickets, and bank deposits and wire transfers.

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