Digital payments company Paytm is going to launch the country’s biggest IPO, but before this IPO, the company is preparing to remove its founder Vijay Shekhar Sharma from the role of promoter. For this, the company has called the Extraordinary Shareholders’ Meeting (EGM) on July 12 in Delhi.
Paytm, in a letter to its shareholders, said that the company will consider removing its founder Vijay Shekhar Sharma from the status of promoter and will vote for it at the EGM. The company says that this will make it easier for Vijay Shekhar Sharma to comply with the regulatory provisions and conditions.
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Let us tell you that Bijay Shekhar Sharma is now a minority shareholder in Paytm and his stake in the company is 14.61%. He holds 90.51 lakh equity shares of the company. Paytm shareholders include SoftBank Group, Berkshire Hathaway Inc. and Ant Group Co..
Paytm is going to bring India’s biggest IPO. The company plans to issue fresh equity shares worth Rs 12000 crore before this IPO. Under this, the company will issue equity shares of Rs 12000 crore with a face value of Rs 1.
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This plan of the company can also be approved in the EGM meeting. Paytm’s parent company One97 Communications has said this in a notice sent to shareholders.
Earlier this month, Paytm asked its employees to formally announce if they wanted to sell their stock in a public offering. Employees must do this before the company’s draft red herring prospectus (DRHP) is finalized. For this IPO, the market regulator can file DRHP with SEBI in July.
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The company will also cap the total number of equity shares to be allocated to eligible categories of investors in its EGM, amendments to the Employees’ Stock Options Scheme. The company will also consider making changes to the Articles of Association.
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