Extraordinary general meeting on July 12

- Paytm is expected to seek shareholders' approval on July 12, to raise up to Rs16,600 crore through its initial share sale, giving it a valuation of over Rs1.78 lakh crore

- The extraordinary general meeting of Paytm is scheduled for July 12, in which the company may seek approval to raise up to Rs12,000 crore through issuance of fresh equity

- Another Rs4,600 crore is expected to be raised from the sale of equity shares by existing and eligible shareholders

New Delhi, July 7

All Chinese nationals on the Board of digital payments firm Paytm have been replaced by US and Indian citizens, while there is no change in the existing shareholding, according to a regulatory filing of the company.

Alipay representative Jing Xiandong, Ant Financial's Guoming Cheng, and Alibaba representatives Michael Yuen Jen Yao (US citizen) and Ting Hong Kenny Ho have ceased to be directors of the company, as per the regulatory document.

According to a source, Paytm now has no Chinese nationals on its Board.

US citizen Douglas Feagin has joined the Paytm Board on behalf of Ant Group.

Saama Capital's Ashit Ranjit Lilani and SoftBank representative Vikas Agnihotri have also joined the Board, the company's filing showed. Todd Anthony Combs, investment manager at Berkshire Hathaway, has retired from the Board.

Combs retired by rotation from One97's Board on June 30, as per Registrars of Companies (ROC) filings.

One97 Communications is the parent firm of Paytm.

Paytm shareholders include Alibaba's Ant Group (29.71%), SoftBank Vision Fund (19.63%), SAIF Partners (18.56%) and Vijay Shekhar Sharma (14.67%). AGH Holding, T Rowe Price, Discovery Capital and Berkshire Hathaway hold less than 10% stake each in the company.

The development comes at a time when Paytm is gearing up for public listing.

Paytm is expected to seek shareholders' approval on July 12, to raise up to Rs 16,600 crore through its initial share sale, giving it a valuation of over Rs 1.78 lakh crore, a source said.

The extraordinary general meeting of Paytm is scheduled for July 12, in which the company may seek approval to raise up to Rs 12,000 crore through issuance of fresh equity.

Another Rs 4,600 crore is expected to be raised from the sale of equity shares by existing and eligible shareholders. — PTI