Paytm looks to raise Rs 12,000 cr via fresh issue of shares, EGM on July 12

Paytm will also propose removing founder Vijay Shekhar Sharma's role as a 'promoter' for the company

Digital payments startup Paytm will ask for shareholder permission to sell about $1.6 billion in new stock as part of what’s set to be India’s largest-ever initial public offering.

The company wants to sell Rs 12,000 crore ($1.61 billion) in new shares plus a potential 1% for over-allotment, the company said in a notice for an extraordinary shareholder meeting scheduled for July 12 in Delhi.

Paytm, formally called One97 Communications, is joining a global share sale frenzy with a plan to offer as much as $3 billion of shares in the IPO, Bloomberg News reported last month. Its shareholders include