Paytm rejigs its board ahead of IPO
Ahead of its initial public offering (IPO) Paytm has witnessed the exit of Jing Xiandong of Ant Group from the company's board who is being replaced by Douglas Lehman Feagin, as per filings with the registrar of companies (ROC). Feagin is the senior vice president of Ant Group and is based out of the US.
The company has rejigged its board and has also appointed Ash Lilani, managing partner of Saama Capital as an independent director.
Michael Yuen Jen Yao of Alibaba Group Holding and Todd Anthony Combs of Berkshire Hathaway have retired by rotation following the last Annual General Meeting held on June 30.
One97 Communications, the parent of digital payments giant Paytm is likely to file its draft red herring prospectus (DRHP) with market regulator Sebi shortly after the firm's EGM scheduled for July 12.
Paytm's key shareholders include Alibaba's Ant Group which holds 29.71 percent stake, while Softbank Vision Fund and Saif Partners hold 19.63 percent and 18.56 percent, respectively.
Besides restructuring the board, the company has also approved the allotment of 5,44,870 equity shares to former and existing employees upon exercise of Employee Stock Options (ESOPs) by them.