Tag: EGM

₹12,000-crore IPO plan: Paytm EGM on July 12

Banking & Finance

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One97 Communications, which is the parent company of Paytm, has called for an extraordinary general meeting on July 12 ahead of its planned initial public offering.

The company plans to raise ₹12,000 crore through a fresh issue of shares, which will be taken up at the EGM.

Proposal to declassify CEO

A proposal to declassify Paytm founder and CEO Vijay Shekhar Sharma as the promoter will also be taken up at the EGM. Sources said this is being done to meet SEBI norms.

The meeting is also expected to discuss the issue of employee stock options as part of the IPO.

The Articles of Association of the company are also likely to be amended.

A Paytm spokesperson declined to comment on the development.

Fintech major Paytm is planning to go public by the end of the year around November or December through an IPO. It is hoping to file its draft red herring prospectus (DRHP) by July and has already lined up merchant bankers for the issue.

In-principle approval

The company, which is backed by SoftBank Group, Berkshire Hathaway Inc and Ant Financial, has already received an in-principle approval from its board of directors for the IPO.

According to the Hurun India Unicorn Index 2020, Noida-based Paytm was the highest valued Indian unicorn with a valuation of $16 billion

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Bank of India EGM next week to seek shareholders’ nod for preference shares to govt, BFSI News, ET BFSI

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New Delhi, Apr 30 () State-owned Bank of India (BOI) has convened extraordinary general meeting (EGM) of shareholders next week to seek approval for issuance of equity shares to government for capital infusion of Rs 3,000 crore. EGM of the shareholders of Bank of India will be held on Wednesday, May 5, 2021 through video conferencing and other audio visual means, the bank said in a regulatory filing.

The board will seek consent of shareholders of the bank to issue and allot up to 42,11,70,854 equity shares for cash at Rs 71.23 per equity share including premium of Rs 61.23 aggregating up to Rs 3,000 crore on preferential basis to government, the bank said in a regulatory filing.

The government in March had sanctioned to infuse the capital in BOI as part of equity during the financial year 2020-21.

Bank of India said it has been growing very diligently and cautiously for the last many years and there is a constant requirement to augment capital.

In order to meet this growing requirement, bank needs long term capital, it added.

The lender said it will utilise the funds to shore up the capital adequacy of the bank and to fund the general business needs of the bank.

After the preferential issue of shares, government’s shareholding in bank will go up to 90.34 per cent from 89.10 per cent now.

Stock of the bank closed at Rs 66.35 apiece on the BSE, down 1.63 per cent from the previous close. KPM MKJ



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Gautam Guha elected as PNB’s second shareholder director

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Delhi-based Gautam Guha has been elected as the second shareholder director of Punjab National Bank, the country’s second largest public sector bank.

Guha polled the maximum votes at the Extraordinary General Meeting (EGM) of shareholders held on Wednesday, filings made by the bank with stock exchanges revealed.

Three persons (all aged 66 years) — Gautam Guha, Padmanabhan AA (from Chennai) and Ramesh Chandra Agrawal (from Prayagraj) — were in the fray for being elected as the second shareholder director at the EGM.

PNB already has a shareholder director in Asha Bhandarker, who was elected on September 12, 2018 for a period of three years.

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Punjab & Sind Bank to allot shares worth Rs 5,500 crore to govt in lieu of capital infusion, BFSI News, ET BFSI

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Punjab & Sind Bank will allot preferential shares to the government next month in lieu of Rs 5,500 crore capital infusion into the bank. An extraordinary general meeting of the shareholders of the bank is scheduled on March 25, 2021 for preferential issue of equity shares to the government up to Rs 5,500 crore, the bank said in a regulatory filing.

The EGM, the bank said, will take place through video conferencing and other audio visual means for passing the resolution for issuing shares to the government.

In September, the government had approved a Rs 20,000 crore fund through Parliament, as part of the Supplementary Demands for Grants for 2020-21, for capital infusion into public sector banks (PSBs).

Of this, Rs 5,500 crore was approved to be infused into P&SB.

As far as the residual Rs 14,500 crore for capital infusion is concerned, the government has to take a call in the ongoing quarter.

Shares of Punjab & Sind Bank closed 5.07 per cent down at Rs 16.65 apiece on the BSE.



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PNB convenes EGM to elect a 2nd shareholder director to its Board

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Punjab National Bank (PNB), the country’s second largest public sector bank, has convened an extraordinary general meeting (EGM) on March 17 to elect ‘one shareholder director’. This will be a virtual meeting of shareholders.

This move is significant as the bank is now looking to rope in its second shareholder director on the strength of a recent Finance Ministry decision empowering Public Sector Banks ( PSB) boards to act on the decisions that remained held up at various board-level committees due to lack of quorum arising from vacancies or recusal by existing directors.

A shareholder director is one who is elected from among shareholders other than central government. A public sector bank has two main categories of shareholders— central government and ‘other shareholders’ (public shareholders). In India, all the public sector banks are listed entities although none of them are registered as companies under the Companies Act. There are separate legislations that govern the Board composition of such PSBs.

 

The elected shareholder director is finally appointed by the Nomination and Remuneration Committee (NRC) of the bank Board concerned. PNB currently does not have the requisite NRC strength and is therefore looking to get another shareholder director through Board approval route after election of such a director by the shareholders of the bank at an EGM.

PNB has moved to get another shareholder director after its recent nearly ₹3,788 crore qualified institutional placement (QIP), which saw the centre’s shareholding in the bank drop from 85.59 per cent to 76.87 per cent. With the Centre’s shareholding coming down, PNB became technically eligible to have two shareholder directors.

Having an additional shareholder director on a Board is useful for Banks like PNB as all shareholder directors are counted as independent directors for the purpose of compliance with SEBI regulations for listed entities.

In Boards of public sector banks, there are executive directors appointed by central government, there is government nominee director (official of central government), there is a RBI nominee director, two employee directors ( representing workmen and officers) and other directors (shareholder directors).

This will be the second shareholder director for PNB besides Asha Bhandarker, who was elected on September 12,2018 for a period of three years.

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