New Delhi: One97 Communications, owner of the Paytm brand, has invested an additional Rs 2,250 crore in its wholly owned subsidiary Paytm Payments Services Ltd (PPSL) through a rights issue, the company said on Friday.
The investment follows PPSL receiving RBI’s long-awaited approval last month to operate as a payment aggregator.
One97 Communications informed stock exchanges that it completed the subscription to the rights issue on December 12.
The RBI had granted in-principle approval to PPSL in August and also lifted a ban on onboarding new merchants, a restriction imposed in November 2022.
PPSL first applied for a payment aggregator licence in November 2020. The RBI rejected the application in November 2022 and asked the firm to reapply in compliance with Press Note 3 under FDI rules.
PPSL subsequently filed the required application with the government on December 14, 2022.