Paytm eyes ₹2,000cr fundraising ahead of IPO

Paytm parent One97 Communications will raise $268 million (₹2,000 crore) in a round in front of its initial public offering (IPO) by issuing shares to institutional investors.

Investors of Paytm’s holding organization on Monday approved a ₹16,600-crore IPO, of which ₹12,000 crore will be raised through a new issue of new shares worth ₹8,300 crore. Existing investors SoftBank and Ant Group will have the choice to sell shares worth another ₹8,300 crore.

The investors likewise approved a goal repositioning the organization from a promoter led entity to an expertly oversaw one. While Vijay Shekhar Sharma would stop to be an advertiser, the investors approved his appointment as chairman, overseeing chief and CEO and vested him with powers needed to make decisions for the IPO. As a professionally managed organization, no investor will have any special right.

As per sources, the organization has recognized nine key management personnel, to be named in the draft red herring prospectus, which will be filed shortly.