Paytm's $2.2 billion IPO is facing an unusual hurdle - a 71-year-old former director has urged India's markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares.
The issue worth Rs 16,600 crore ($2.2 billion) comprises a fresh issue of equity shares of the face value of Rs 1 each, aggregating to Rs 8,300 crore and the offer for sale by the existing shareholders, aggregating to Rs 8,300 crore.
India's biggest-ever initial public offering opens Monday with digital payments platform Paytm looking to raise nearly $2.5 billion, in what has already been a record year for share listings.
Japanese investment vehicle, Softbank too made $400 million with a post IPO stake at 16%. Elevation Partners, one of the earliest backers of Paytm, sold shares worth $400 million with a post IPO stake at 15%.
According to an FIR filed in connection with the case, a Jaguar Land Rover, allegedly being driven by him, had hit the vehicle of DCP (South district) outside The Mother’s International School on Aurobindo Marg.
On March 11, the RBI said it had asked the payments bank to stop onboarding customers. The regulator also ordered a comprehensive IT system audit. This is the second such ban on a prominent banking institution in the last two years.
The Reserve Bank of India barred Paytm Payments Bank from taking on new customers last week because it allowed its data to flow to servers that were sharing information with China-based entities, Bloomberg reported on Monday.
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The Reserve Bank of India barred Paytm Payments Bank from taking on new customers last week because it allowed its data to flow to servers that were sharing information with China-based entities, Bloomberg reported on Monday.🥺🥺
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