Vijay Shekhar Returned as Paytm Chief Executive Officer: 99.67% of Shareholders Voted Yes, Company Says – Committed to Making Paytm Profitable
Vijay Shekhar Sharma has been reappointed as Managing Director and CEO of Paytm. 99.67% of shareholders voted in favor at the AGM. Shareholders also approved the reappointment of Ravi Chandra Adusumalli to the Board of Directors. This was the 22nd annual general meeting of Paytm’s parent company, One97 Communications.
“We are grateful to our shareholders for their continued support and confidence in our leadership,” the company said. We are committed to building a large, profitable business and creating long-term shareholder value while promoting financial inclusion in the country. “We would also like to report that 94.48% of the votes were received in favor of Vijay’s compensation resolution,” the company said.
After the very poor rating of the IPO, it was time for a tough test for the billionaire founder of Paytm. Shareholders had to decide whether or not they wanted to see Vijay Shekhar Sharma as managing director and CEO. Earlier in May 2022, OCL’s board approved Sharma’s reappointment as MD. The issue price of Paytm was Rs 2,150. Right now, it is at Rs 771. At one point, it had reached 510.
Paytm, the poster boy for Indian tech startups, has lost more than 50% of its value since its high-profile IPO in November. In an interview last month, Sharma, 44, said Paytm was set to become India’s top internet company with annual revenue of 1 billion and promised to move from growth to profitability.
Brokerage ICICI Securities has advised investing in the stock with a target price of Rs 1,285. Goldman Sachs’ target price on Paytm is Rs 1,070, around 40% above current levels. In May this year, Paytm shares hit a 52-week low of Rs 510.05 on BSE. Now the stock has made some recovery and is trading around the Rs 771 level.