Bengaluru: One97 Communications Ltd., which operates the Paytm brand has reshuffled its board of directors, as the company targets to float its initial public offering (IPO), worth $2.2 billion-$3 billion, later this year. Douglas Lehman Feagin, senior vice president, at Ant Group has joined Paytm’s board replacing Ant Group chairman and chief executive officer, Jing Xiandong (Eric). Xiandong has tendered his resignation from the board of One97 Communications, according to company filings with the registrar of companies (ROC). Along with this, Paytm has also allowed its employees to exercise their employee stock ownership plan (ESOPs). The company has about 1,000 shareholders, broadly held by various institutional investors, employees, former employees and others.

Source: Mint July 06, 2021 16:07 UTC