Paytm has given additional time to shareholders and employees to submit documents for share sale. Now its deadline has been extended till June 30.
new announcement of paytm
Paytm, a popular company in the digital payments and financial services sector, has given relief to shareholders, employees and former employees. The company has extended the deadline for the documents to be submitted to them for the share sale till June 30. In such a situation, those who want to sell their shares in the proposed initial public offering (IPO) of the company, they will get additional time.
One97 Communications, which operates services under the Paytm brand, is planning to launch its IPO, which includes an offer to issue fresh equity shares and sale of shares to existing shareholders.
Paytm said in a notice to its shareholders, “Our shareholders are being provided additional time due to the prevailing situation. The last date to process and send all shared documents to us is now being extended. From June 22, 2021, this deadline has now been extended to June 30, 2021.
The major shareholders of Paytm include Alibaba’s Ant Group (29.71 per cent), SoftBank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent). Apart from this, AGH Holding, T Roe Price and Discovery Capital, Berkshire Hathaway hold less than 10 per cent stake in the company.
Paytm plans to raise up to Rs 12,000 crore by issuing fresh equity, for which it will seek shareholders’ approval at an Extraordinary General Meeting (EGM) on July 12. The company announced Paytm founder and managing director Vijay Shekhar as promoter at the EGM Will also ask for approval to do so.
According to Bernstein’s report published on May 27, Paytm’s revenue could double to over ₹7,000 crore by FY2023, with the non-payment segment contributing about 33% of the total kitty.
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