India, July 20 -- Fintech major Paytm's board has voted against a proposal to issue bonus shares.

In a filing with the exchanges, the fintech giant said that its board has decided not to proceed with the proposal "at this time". Paytm's board, after evaluating the plan, noted that the company should rather continue its focus on further compounding growth and profitability for shareholder value creation.

"After evaluating the proposal from the perspective of long-term shareholder value and due deliberation, the board was of the view that the Company should continue to focus on further compounding growth and profitability for shareholder value creation. Accordingly, the Board decided not to proceed with the said proposal at this time," Pa...