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.
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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.
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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