<p>Indian digital payments firm Paytm is seeking shareholder approval to sell up to Rs 12,000 crore ($1.62 billion) in new stock in what could be the country's biggest-ever initial public offering at a total of Rs 22,171 crore ($3 billion).</p>.<p>Paytm, which counts China's Alibaba and Japan's SoftBank as backers, will sell new shares and will also have an option to retain an over-subscription of up to 1 per cent, the company said in a notice for an extraordinary general meeting (EGM) of shareholders in Delhi on July 12.</p>.<p>The company is aiming to raise Rs 22,171 crore via the public listing on Indian bourses, a source familiar with the matter told <em>Reuters.</em></p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/paytm-to-lend-rs-743-cr-to-two-companies-owned-by-founder-report-994656.html" target="_blank">Paytm to lend Rs 743 cr to two companies owned by founder: Report</a></strong></p>.<p>It has hired banks JPMorgan Chase, Morgan Stanley, ICICI Securities and Goldman Sachs for the IPO, the source added, declining to be identified as the matter is private.</p>.<p>At the EGM, Paytm also plans to propose that its founder, Vijay Shekhar Sharma, be relieved from his role as the company's "promoter", the company said in the notice.</p>.<p>Paytm did not respond to a request for comment.</p>.<p>Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes boosted digital payments.</p>.<p>Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.</p>.<p><em>$1 = Rs 73.91</em></p>
<p>Indian digital payments firm Paytm is seeking shareholder approval to sell up to Rs 12,000 crore ($1.62 billion) in new stock in what could be the country's biggest-ever initial public offering at a total of Rs 22,171 crore ($3 billion).</p>.<p>Paytm, which counts China's Alibaba and Japan's SoftBank as backers, will sell new shares and will also have an option to retain an over-subscription of up to 1 per cent, the company said in a notice for an extraordinary general meeting (EGM) of shareholders in Delhi on July 12.</p>.<p>The company is aiming to raise Rs 22,171 crore via the public listing on Indian bourses, a source familiar with the matter told <em>Reuters.</em></p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/paytm-to-lend-rs-743-cr-to-two-companies-owned-by-founder-report-994656.html" target="_blank">Paytm to lend Rs 743 cr to two companies owned by founder: Report</a></strong></p>.<p>It has hired banks JPMorgan Chase, Morgan Stanley, ICICI Securities and Goldman Sachs for the IPO, the source added, declining to be identified as the matter is private.</p>.<p>At the EGM, Paytm also plans to propose that its founder, Vijay Shekhar Sharma, be relieved from his role as the company's "promoter", the company said in the notice.</p>.<p>Paytm did not respond to a request for comment.</p>.<p>Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes boosted digital payments.</p>.<p>Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.</p>.<p><em>$1 = Rs 73.91</em></p>