One97 Communication, the parent company of digital payments firm Paytm, may file a draft prospectus with SEBI next week for its IPO. According to a report by news agency Reuters, the draft prospectus can be filed by July 12. Paytm can raise Rs 22 thousand crore through IPO. It is being said to be the biggest IPO ever.
Paytm’s parent company’s EGM on 12th July
One97 Communication will call its EGM (Extraordinary General Meeting) on 12 July. In this, permission will be taken from the shareholders to issue new shares worth Rs 12,000 crore. In the meeting, it will be decided to de-classify the promoter of the company, Vijay Shekhar Sharma. Vijay Sharma holds 9,051,624 equity shares of the company which is equal to 14.61 per cent of the total paid-up share capital of the company. The company will also create new Articles of Association during this time so that the standards required for filing the draft red prospectus can be met.
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Paytm started with mobile and DTH recharge
One97 Communication has said in its new EGM notice that it will issue new shares worth Rs 12,000 crore. This will be for the new investor category and employees. Some existing shareholders will also sell their shares to get out of this. Paytm started with mobile and DTH recharge. After this it started mobile wallet. Now it has entered financial services through the sale of products like mutual funds, insurance.
The company has also got approval for entry in share broking, demat service and NPS. Paytm’s parent company One97 Communication has been invested by Soft Bank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price and Discovery Capital. Ant Financial is the largest shareholder. Its share is 40 percent.
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