Vijay Shekhar Sharma, the creator of Paytm, will buy a 10.30% interest in the business from Antfin Holding BV. 6.53 crore Paytm shares would be transferred by Antfin to Resilient Asset Management B.V., an organization in which Sharma owns 100% ownership.
Sharma will increase his interest in the business to 19.42%, making him the company’s largest stakeholder and pushing Antfin’s position down to 13.5%.
As a result, Antfin, a subsidiary of Ant Group Co. in China, would no longer be the largest shareholder in Paytm.
Paytm’s stock price experienced a strong increase after the announcement, rising as much as 11.57%.
Vijay Shekhar Sharma, the company’s founder, managing director, and CEO, and Antfin (Netherlands) Holding B.V. (“Antfin”) have entered into an agreement whereby Antfin will transfer 65,335,101 shares of the company to an entity that is 100% owned by Sharma, Resilient Asset Management B.V. (“Transaction”) on August 7, 2023, according to the BSE filing from Paytm’s parent company One97 Communications. This denotes the transfer of 10.30% of the Company’s (Paytm) share capital.
According to the firm, Sharma would continue in his role as Paytm’s managing director and CEO, and the current Board would remain in place as a result of this transaction.
Sharma tweeted after the agreement was reached, I am proud of Paytm’s role as a true champion of made-in-India financial innovation and our achievements in revolutionizing mobile payments and contributing to formal financial services inclusion in the country. As we announce this transfer of ownership, I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years.”
Link to the tweet:
SHARE PRICE OF PAYTM
After the company disclosed that its founder, Vijay Shekhar Sharma, would buy a 10.30% stake in the business from Antfin (Netherlands) Holding BV, Paytm’s share price increased by more than 11% in early trade on Monday. On the BSE, Paytm shares increased by as much as 11.57% to $887.55 a share.
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