Benzinga | Jun 18, 2021 10:30AM EDT

Warren Buffett, SoftBank-Backed Paytm To Seek Stockholder Consent For $1.6B IPO Share Sale: Bloomberg

* Indian digital payments startup Paytm, formerly known as One97 Communications, will seek shareholder approval to sell about $1.6 billion new stock in its initial public offering, Bloomberg reports.

* Paytm plans to sell $1.61 billion in new shares plus a potential 1% for over-allotment.

* Paytm plans to offer up to $3 billion shares in the IPO.

* Paytm's financial backers include SoftBank Group Corp (SFTBY) (OTC: SFTBF), Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and Ant Group Co.

* Indian companies have raised $4 billion so far in 2021 via IPOs.

* Earlier this month, Paytm asked its workers to formally declare their wish to sell stock as part of the public offering.

* Paytm will also propose to remove founder Vijay Shekhar Sharma as a company promoter.

* Paytm has engaged four banks, including JPMorgan Chase & Co (NYSE: JPM) and Goldman Sachs Group Inc (NYSE: GS), for the IPO.