Paytm To Hand Over ‘Online’ Payment Business To Its Subsidiary

Paytm to hand over ‘online’ payment business to its subsidiary.

Digital payments company Paytm will separate its payments services business into a new subsidiary Paytm Payments Services Ltd.

Negotiations are going on about it can be brought under. For this, an extraordinary general meeting has been called for 23 September.

Actually, this information has been received from the notice sent to the shareholders for approval. The company has sought approval from the shareholders.

Notice to shareholders.

As per the notice sent to the shareholder, the payment service wholly-owned subsidiary unit Paytm Payments Services Ltd.

This meeting has been convened to consider and approve the transfer to the Bank and to comply with the guidelines of the Reserve Bank of India.

The new unit will include Paytm’s ‘online’ payment facility (gateway) business.

According to the RBI guidelines for payment aggregators, it is necessary that their business should be conducted regularly and after obtaining a license from the central bank, it should be run by a separate company.

The notional book value of the new entity is in the range of Rs 275-350 crore, which will be paid to parent firm One9 Communications (OCL) in five equal annual installments.

OCL’s Paytm provides digital and payment services to 333 million consumers and over 21 million merchants as of March 31, 2021.

The company has reported a gross business value of over Rs 4 lakh crore for the financial year 2020-21.

The company is likely to launch its Rs 16,600 crore IPO in October, for which it has already filed a draft paper with SEBI.

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