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Digital payments and finance company Paytm will seek shareholders’ nod to more than double the share pool of its employees’ stock option scheme to over 6.1 crore from 2.4 crore under the existing scheme, according to an EGM notice issued by the company on Monday.

One97 Communications, the parent firm of Paytm, will seek approval of shareholders at the extraordinary general meeting (EGM) on September 2 to give additional charge of chief executive officer to the company’s Managing Director Vijay Shekhar Sharma.

“The company proposes to increase the ESOP pool by 3,70,00,000 equity options, thereby increasing the current ESOP pool from 2,40,94,280 equity options to 61,094,280 equity options under the One97 Employees Stock Option Scheme 2019.

“The last increase in the ESOP pool to the policy was approved by the members in their meeting held on March 26, 2021,” the notice said.

Paytm is gearing up to come up with the country’s biggest initial public offering (IPO) of Rs 16,600 crore, which may hit the bourses in October, with valuation likely to be in the range of Rs 25,000-30,000 crore.

The company has recorded a gross merchandise value of over Rs 4 lakh crore, which is the highest in the payments industry, as per RedSeer’s analysis.

Paytm Money has an asset under management holding of Rs 5,200 crore in mutual funds, gold and stock broking, according to the company’s draft IPO papers.

As per the draft document, Paytm has 40 percent market share in consumer-to-merchant transactions; whereas in consumer-to-merchant wallet transactions, Paytm has a 65-70 percent market share.

The company will seek shareholders’ nod to appoint WhatsApp former chief business officer Neeraj Arora and Saama Capital Managing Partner Ashit Ranjit Lilani as non-executive independent directors.

It will also seek to rope in Ant group Senior Vice-President Douglas Feagin as a director of the company for a period of three years from the financial year 2021-22 to 2023-24.

Paytm has proposed a remuneration of Rs 1.85 crore each for independent directors Mark Schwartz and Pallavi Shardul Shroff, and Rs 1.48 crore each for Arora and Lilani.

The company will also seek approval for a donation of up to Rs 1.62 crore for establishment of the Air Quality Action Forum with the United Nations Environment Programme through Paytm Foundation.