Paytm to sell $1.6bn new shares, may remove Vijay Sharma as promoter before IPO

Paytm's parent One97 Communications is planning to sell ₹12,000 crore ($1.6 billion) in new shares as a part of the IPO. It will be seeking shareholder permission for the same at a meeting on July 12, according to a notice. Paytm will also propose removing Founder Vijay Shekhar Sharma as promoter to comply with market regulator SEBI's public listing norms.