MUMBAI : One97 Communications Ltd, the operator of the Paytm online payments app, is set to extend ₹743 crore funding to two companies owned by founder Vijay Shekhar Sharma ahead of its $3 billion initial share sale planned this year. According to the proposal, Paytm will buy ₹491.93 crore worth of optionally convertible debentures to be sold by VSS Holdings Pvt. Paytm will own 96% in VSS HoldCo on converting the debentures into shares, which can be done at any time. Paytm said VSS HoldCo will utilize the funds for its primary business activities. Both VSS Holdco and VSS Investco were incorporated in January 2020 and are engaged in similar businesses.

Source: Mint June 06, 2021 19:07 UTC