Paytm parent One97 Communications reportedly outlined its intention to issue $1.6 billion-worth of new shares to be sold as part of a wider IPO, with existing investors set to vote on the matter at an EGM scheduled for mid-July.
The Economic Times reported the revelation was published in the contents of an agenda for the meeting sent to shareholders, which include SoftBank Group, Alipay parent Ant Group and several investment funds.
In addition to the sale of its newly-released equity, existing shares would likely be floated in the company’s heavily rumoured IPO, potentially including those owned by employees or third party investors.
Bloomberg last month estimated the company could sell $3 billion-worth of shares in the float, with the publication subsequently reporting One97 Communications had appointed four banks to oversee the process.
One97 Communications runs Indian mobile payment service Paytm, alongside various affiliated platforms providing services including online shopping, retail payment infrastructure, consumer savings accounts and a locally-focused app store.Subscribe to our daily newsletter Back