Paytm to raise Rs 12,000 cr via fresh equity, remove Sharma's promoter tag

The company's much-awaited IPO is expected to come by November this year

One97 Communications, the parent company of digital payments platform Paytm, intends to raise Rs 12,000 crore ($1.6 billion) in fresh equity through its much-awaited initial public offering (IPO), which is expected by November this year.

“...the amount being raised pursuant to the fresh issue aggregates up to Rs 12,000 crore with an option to the Company to retain an over-subscription to the extent of 1% of the net Offer (defined below) size, or such other extent as may be permitted under the Applicable Laws..,” the company said in a notice for an extraordinary general meeting  (EGM) of shareholders to be held