Digital payment app Paytm is looking to raise Rs 12,000 crore through a fresh issue of shares in its upcoming IPO, the company told shareholders in a letter on Friday. The company has called for an extraordinary general meeting on July 12 to approve the IPO. There could also be an Offer for Sale by some existing investors, the company said, though it did not share more details on the same.
Paytm also looks to declassify Vijay Shekhar Sharma as the promoter of the company and the company will list as a professionally managed company.
Paytm has also sought shareholder approval for pre-IPO private placement, and said: "In the event of a pre-IPO placement, the size of Offer would be reduced"
Paytm said the equity shares issued/transferred pursuant to the offer "shall be listed on one or more recognized stock exchanges in India." The company in its letter also said that it may consider and adopt amendments to One97 Employee Stock Option Scheme.
Paytm had earlier this month invited shareholders to tender their equity shares for sale in the initial public listing proposed to be held later this year.
It had said that the equity shares that are not sold in the offer for sale shall be locked in for a period of one year.
CNBC-TV18 had reported on May 31 that the board of One97 Communications had given the in-principle approval for the listing. Paytm said that the proposed IPO is contemplated to include a fresh issue of equity shares by the company and an offer for the sale of equity shares by existing shareholders.
CNBC TV 18 had reported that Paytm could look at a Diwali listing.
(Edited by : Anshul)
First Published: IST