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India: Paytm to lend to founder Sharma’s firms ahead of $3b IPO
FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. REUTERS/Amit Dave
June 7, 2021
One97 Communications Ltd, the operator of the Paytm online payments app, is set to extend ₹743 crore funding to two companies owned by founder Vijay Shekhar Sharma ahead of its $3 billion initial share sale planned this year.
The proposal, among others, will be put to vote at the company’s annual meeting on 30 June, according to a notice to Paytm shareholders, a copy of which has been reviewed by Mint. The note to the shareholders was sent after Paytm’s board meeting on 28 May.