Digital payments platform Paytm to sell 100% stake in subsidiary Xceed

Noida-headquartered digital payments platform Paytm's parent company One97 Communications (via Mobiquest Mobile Technologies) is to sell its 100% stake in wholly-owned subsidiary, Xceed IT Solutions Pvt Ltd having networth of INR 5.17 lakh. Existing directors of Xceed, Vineet Narang and Sabina Kamal, will buy these stakes for INR 60,728.Formed in 2005, Xceed IT Solutions is a wholly-owned subsidiary of Mobiquest Mobile Technologies Pvt Ltd, which operates in the field of information technology, specifically engaged in computer programming, consultancy, and related activities. At present the company has no business operations.