WebinarsNew
Deep DiveNew
Explore Business Standard
Fintech firm One97 Communications, which owns the Paytm brand, plans to infuse Rs 100 crore in its wealth tech arm Paytm Money, the company said in a regulatory filing. Incorporated in 2017, Paytm Money is engaged in providing investment and wealth management services, including stock broking, mutual fund distribution, and other financial services. "Additional investment by the company, by way of subscription, to the equity shares of its wholly owned subsidiary, namely Paytm Money Limited (PML) by way of a rights issue for an amount up to Rs 100 crore, subject to the necessary approvals, as applicable," Paytm said in a late-night filing on Monday. The company expects to close the transaction by September 30. "PML is a wholly-owned subsidiary of the company. Issuance of up to 10 crore (Ten crore) additional equity shares of face value of Rs 10 each by PML, pursuant to the Rights Issue, will not result in a change in shareholding of the company in PML, which remains at 100 per cent,"
Paytm owner One97 Communications' Group Chief Financial Officer (CFO) Madhur Deora will step down from the board as he is not seeking reappointment, according to a regulatory filing. Former bureaucrat Bimal Julka, a non-executive independent director of Paytm, has resigned from the board, according to the filing. "Madhur Deora, Executive Director, President and Group CFO, being a director liable to retire by rotation at the ensuing Annual General Meeting (AGM), is not seeking reappointment at the ensuing AGM," the filing said. Deora will continue in his full-time role as President and Group Chief Financial Officer of Paytm and will also support the CEO in expanding the business & strengthening profitability. "I have been on the board for about two-and-a-half, three years. There was never the intention that this should be a permanent thing. We wanted one executive director on the board, so I did a term. Now our general counsel is being nominated for this," Deora said. Paytm's ...