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Paytm to extend ₹743cr funding to Sharma’s firms
June 07, 2021
One97 Communications Ltd, the organization which owns digital payments application Paytm, is intending to stretch out ₹743 crore funding for two organizations owned by its founder Vijay Shekhar Sharma in front of its $3 billion initial share sale planned later this year.
As indicated by a notification gave by One97 Communications Ltd to its shareholders, this proposal, among others, will be put to cast a ballot at the organization’s yearly group on June 30. This notification was sent to shareholders after Paytm’s executive group on May 28.
The proposal says, Paytm will purchase ₹491.93 crore worth of alternatively convertible debentures to be sold by VSS Holdings Pvt. Ltd, an organization claimed by Sharma. VSS is short for Vijay Shekhar Sharma.
The note further says that the debentures will develop in 10 years and bear a yearly premium of 15%. The funding will be done in at least one or more tranches.
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