Ahead of its IPO, payments company Paytm has rejigged its board, which will see the exit of the two Chinese nationals who were on the board.

Jing Xiandong, CEO of Ant Group, has resigned as director, and Paytm has brought in Douglas Lehman Feagin of Alibaba instead, as per regulatory filings. Michael Yuen Jen, who is senior vice president of Alibaba Group has also retired effective June 30.

Paytm has also brought in Ashit Lilani of Saama Capital appointed as an independent director.

Todd Anthony Combs of Berkshire Hathaway retired after June 30.

Additionally, Munish Verma of Softbank has been temporarily replaced by Vikas Agnihotri, as per the filings.

The other members in the board are founder Vijay Shekhar Sharma, Ravi Adusamalli, Elevation Capital, Pallavi Shroff, Managing Partner of Shardul Amarchand Mangaldas law firm, and Mark Schwartz, Goldman Sachs.

The Paytm board has also approved allotment of 5.4 lakh equity shares to employees upon exercise of ESOPs by them, the filings show.

Paytm is set to hold an extraordinary general meeting on Monday to approve the resolution for its IPO, in which it looks to raise Rs 12,000 crore through fresh issue, while there will also be an offer for sale from some existing investors.

First Published:Jul 6, 2021 11:57 PM IST