Before launching the IPO in the market, digital payments firm Paytm has changed the composition of the board. Now the company has replaced all Chinese citizens on the board and has given place to Indians and Americans.
Paytm
Digital payments firm Paytm has taken a big decision for the good of the company. Under this, the company has replaced all Chinese citizens on the board and replaced them by American and Indian. While no change has been made in the existing shareholdings. According to regulatory documents, Alipay representative Jing Jiandong, Guoming Cheng of Ant Financial, and Alibaba representatives Michael Yuen Zhen Yao (US citizen) and Ting Hong Kenny Ho are no longer directors of the company.
According to company sources, there is no Chinese national on the board of Paytm. Instead, US citizen Douglas Fagin has joined the Paytm board on behalf of Ant Group. The company’s filings show that Berkshire Hathaway representative Todd Anthony Combs, Sama Capital’s Ashit Ranjit Leilani and SoftBank representative Vikas Agnihotri have also joined the board. Paytm’s shareholders include Alibaba’s Ant Group (29.71 per cent), SoftBank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent) and Vijay Shekhar Sharma (14.67 per cent). AGH Holding, T Roe Price, Discovery Capital and Berkshire Hathaway hold less than 10 per cent each in the company.
This change has been made in the company at a time when Paytm is preparing to launch its IPO in the market. Paytm is expected to seek shareholders’ approval on July 12 to raise Rs 16,600 crore through its initial share sale, a source said. It will get a valuation of over Rs 1.78 lakh crore. Paytm’s general meeting is to be held on July 12, in which the company can take approval to raise up to Rs 12,000 crore by issuing new equity. The sale of equity shares by existing and eligible shareholders is expected to raise Rs 4,600 crore.
The source said, “The company may seek shareholders’ approval to raise around Rs 16,600 crore through IPO. Existing shareholders, former and current employees have also opted to sell their shares in the process. The company is one of the top 10 listed financial services companies. The company is preparing to file documents for the next Initial Public Offer (IPO).
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