Digital payments and financial services conglomerate  Paytm on Monday received approval of shareholders for the country's biggest public Initial Public offer (IPO) of Rs 16,600 crore, according to a source close to the development.

The shareholders have approved raising of Rs 12,000 crore during the initial public offer and sale of secondary shares will take the total amount to Rs 16,600 crore. "Shareholders have approved all the proposals at the extraordinary general meeting. The shareholders have approved the proposal to raise capital and the fresh issue of shares of up to Rs 12,000 crore during the IPO. The secondary raise will bring the total to Rs 16,600 crore," the source said.

"As per Securities and Exchange Board of India rules, Paytm is a professionally managed company. No shareholder can have 'special rights'. That is just how listed companies need to be in India," the source said. Till date Coal India had come up with the biggest IPO issue of around Rs 15,500 crore which was listed in the last quarter of 2010. According to the source, the valuation of the firm is likely to be in the range of Rs 1.78 lakh crore to Rs 2.2 lakh crore. With this valuation range, Paytm is expected to be among top 10 listed financial services in the country.

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