• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, June 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Paytm IPO receives green signal from shareholders to raise Rs 12,000 crore

by Balraj
July 12, 2021 - Updated On November 5, 2021
in Business, India News, News, Startups
Reading Time: 2 mins read
0
Paytm logo displayed on a Smarthone

Courtesy: PYMNTS.com

TwitterWhatsappLinkedin

The Shareholders of Paytm’s parent company, One97 Communications, have finally given their approval to raise Rs 12,000 crore via a fresh issue of shares. The approval came after an extraordinary general meeting hosted on 12 July with Paytm’s current employees, ex-employees and investors. According to media reports, this is the first step in the fintech giant’s approach toward one of India’s largest IPOs to ever enter the open market in recent years.

You might also like

Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

Paytm logo displayed on a Smarthone
Courtesy: PYMNTS.com

The company’s existing shareholders will also be able to sell their stake worth Rs. 4,600 crore directly into the market. This is expected to generate a combined amount of Rs 16,600 crore, and Paytm is aiming for a valuation of between $24 billion and $30 billion. This is a significant increase from its prior 2019 valuation of $16 billion, which came after it secured $1 billion from its existing investors, Softbank and Ant Financials. As of now, the firm’s primary owners include the Alibaba and Ant Group, which control 38 percent of the company, while SoftBank Group, owns only 18.73% of the company, and 17.65 percent is owned by the Elevation Capital Group.

Paytm is likely to file its draft red herring prospectus, and the company is expected to launch its initial public offering (IPO) by the end of November. According to insiders, the company could file its DRHP with the Securities and Exchange Board of India (SEBI) as soon as this week.

The EGM also approved a declassification request for Paytm founder and CEO Vijay Shekhar Sharma, to be raised as a Promoter in the company in accordance with the SEBI guidelines, which require promoters of publicly traded companies to own at least a 20% ownership. However, Sharma currently owns 14.6% of Paytm and will remain the company’s Managing Director and CEO.

This action takes into account the fact that Paytm is also being listed as a Professionally Managed Company (PMC). To do so, it must comply with the Securities and Exchange Board of India’s (SEBI) regulations, which stipulate that no single entity can own more than 25 percent ownership of the company. Considering Paytm is a Professionally Managed company, no stakeholder can have “special rights,” according to SEBI norms, so companies must be listed in India in this respect.

One97 Communications restructured its board of directors earlier this month in preparation for its upcoming IPO, replacing Chinese citizens with Indian and US nationals. The company appointed Ant Group’s Senior Vice President, Douglas Lehman Feagin on its board of directors after the exit of Ant Group Chairman and Chief Executive Officer, Jing Xiandong.

Tags: AlibabaAnt FinancialsAnt GroupElevation Capital GroupIPOOne97 CommunicationsOne97 Communications Ltdpaytmpaytm ipoSEBISoftbankVijay Shekhar Sharma
Tweet54SendShare15
Previous Post

Is ViacomCBS (VIAC) a stock with potential?

Next Post

Branson launches early into space, but Bezos going further into boundary

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

by Ishaan Negi
June 20, 2025
0
Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

In what’s being hailed as a landmark moment for India’s booming digital economy, Dutch brewing titan Heineken N.V. is pouring in a massive ₹2,500–3,000 crore to set up...

Read more

Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

by Rounak Majumdar
June 20, 2025
0
Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

Canada has issued a strong warning to the United States, threatening to impose higher tariffs on American steel and aluminum imports if a new trade agreement is not...

Read more

Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

by Rounak Majumdar
June 20, 2025
0
Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

According to the Prevention of Money Laundering Act (PMLA), a special court has permitted the release of assets valued at ₹66.33 crore that were previously attached to Punjab...

Read more
Next Post
Branson launches early into space, but Bezos going further into boundary

Branson launches early into space, but Bezos going further into boundary

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?