One97 Communications, which is the parent company of Paytma, convened an extraordinary general meeting on July 12 ahead of a planned initial public offering. The company plans to raise 12,000 re crore through a new share issue.
The proposal to declassify Paytm founder and CEO Vijay Shekhar Sharma as promoter will also be accepted at EGM. The issue of employee stock options as part of the IPO is also expected to be discussed at the meeting.
Also read: Paytm expects an IPO of $ 3 billion
Paytm declined to comment on the issue.
Fintech Major plans to enter the market by the end of the year, around November, through an IPO. He hopes to submit his draft Red Herring Prospectus (DRHP) by July. The firm has already received approval in principle from its board of directors for the IPO.