One97 Communications, which is the parent company of Paytm, has called for an extraordinary general meeting on July 12 ahead of its planned initial public offering. The company plans to raise ₹12,000 crore through a fresh issue of shares.
A proposal to declassify Paytm founder and CEO Vijay Shekhar Sharma as the promoter will also be taken up at the EGM. The meeting is also expected to discuss the issue of employee stock options as part of the IPO.
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Paytm declined to comment on the issue.
The fintech major is planning to go public by the end of the year, around November, through an IPO. It is hoping to file its draft red herring prospectus (DRHP) by July. The firm has already received an in-principle approval from its Board of directors for the IPO.