Paytm's parent One97 Communications on Tuesday asked shareholders for a nod on transactions worth around ₹3,250 crore with Paytm Payments Bank Limited.
What Happened? The transaction will see the company availing services of up to ₹1,550 crore from the Paytm Payments Bank and rendering services of up to ₹1,700 crore to the bank.
The voting on the proposal is set to begin on Wednesday morning and conclude by March 23. The cut-off date for deciding eligible voters was kept Feb.17 which means people holding shares in the company as on Feb. 17 are eligible to vote.
The company has informed investors that the result of the ballot will be announced on March 26.
The digital payment giant also launched a loyalty/subscription program dubbed ‘Cancel Protect' that will allow customers to claim a 100% refund for ticket bookings if they are cancelled 24 hours before the scheduled travel time.
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The company has come up with two different plans, one for flight tickets priced at ₹149 and another for bus tickets at ₹25.
Price Action: Paytm shares were down 0.14% to trade at ₹622.15 as the markets opened on Wednesday.
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