One 97 Communications increased its shareholding in subsidiary Little Internet Private Limited (LIPL) to 77.42% following the completion of debenture conversions. The fintech major simultaneously invested ₹100 crore in its wholly owned subsidiary, Paytm Money Limited (PML).

The stake increase in LIPL resulted from the conversion of outstanding Optionally Convertible Debentures and Convertible Inter Corporate Deposits. This action raised One 97 Communications' ownership from 62.53% to 77.42%, consolidating control over the entity.

Separately, the company subscribed to a rights issue of equity shares in PML. This additional infusion of ₹100 crore reinforces capital adequacy within the stock broking arm, aligning with regulatory requirements for market intermediaries.

Subsidiary investment details

The disclosures were made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transactions follow earlier communications dated January 29, 2026, and July 20, 2026.

What the numbers show

The jump in LIPL ownership by nearly 15 percentage points indicates a strategic move to deepen integration with the underlying infrastructure or product layer housed within Little Internet. Concurrently, the ₹100 crore injection into Paytm Money suggests a targeted effort to strengthen the balance sheet of the brokerage arm, potentially to support trading volume growth or meet evolving SEBI net worth requirements for stock brokers.

One 97 Communications shareholders approved all nine resolutions proposed at its 26th Annual General Meeting held on September 15, 2026. The vote included the adoption of FY26 financials, which marked the company's first full year of profitability, alongside key governance and strategic changes.

The meeting saw near-unanimous support for most agenda items, including the revision of CEO Vijay Shekhar Sharma's remuneration and a critical variation in the utilization of Initial Public Offering (IPO) proceeds. However, amendments to the Employees Stock Option Scheme (ESOP) recorded the highest dissent among all proposals.

Voting Results and Key Resolutions

Shareholders passed eight of the nine resolutions with support exceeding 95%. The resolution to vary the objects and timeline for IPO proceeds utilization received nearly universal backing, with 99.99% of votes in favor. This approval provides the management with strategic flexibility in capital deployment as the company transitions into sustained profitability.

The appointment of two new independent directors, Narasinganallore Venkatesh Srinivasan and Sachee Trivedi, was also approved by special resolution with 99.82% and 99.89% support respectively. The reappointment of Ravi Chandra Adusumalli as a director liable to retire by rotation passed with 98.03% assent.

Divergence in Shareholder Sentiment

While institutional and public investors largely aligned on governance matters, the ESOP Scheme 2019 amendments revealed notable divergence. Although the resolution passed comfortably with 91.69% support, it attracted 8.31% dissent, significantly higher than any other item on the agenda. In contrast, the appointment of Non-Executive Non-Independent Director Amitabh Kumar Singhal saw 4.08% opposition, primarily from public institutional investors who voted against the proposal at a rate of 4.78%, compared to negligible dissent from non-institutional public shareholders.

Financial Context and Governance

The AGM followed the disclosure of strong FY26 results, where One 97 reported a profit after tax (PAT) of ₹552 crore, swinging from a loss of ₹663 crore in FY25. Revenue from operations grew 22% to ₹8,437 crore. The board also approved a revised remuneration framework for non-executive and independent directors, passing with 98.88% support.

Remote e-voting commenced on September 12, 2026, with the record date set at September 8, 2026. The proceedings were conducted via video conferencing in compliance with SEBI regulations and the Companies Act, 2013. Ashok of VAPN & Associates served as the scrutinizer for the e-voting process.