Vijay Shekhar Sharma To Buy 10.3% Stake From Antfin; Becomes the Largest Shareholder of Paytm The transaction will be conducted through Vijay's 100% owned overseas entity, Resilient Asset Management BV, based in the Netherlands
By Teena Jose
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Paytm's founder and CEO, Vijay Shekhar Sharma, will buy a 10.3% stake valued at $628 million in the company from its largest shareholder, in a bid to simplify its ownership structure, according to a Reuters report citing company's official filing.
The transaction will be conducted through Vijay's 100% owned overseas entity, Resilient Asset Management BV, based in the Netherlands. Reportedly, upon completion of the off-market transfer, Sharma's overall shareholding in Paytm, both direct and indirect, will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%.
The company added that there would be no change in the management or control of Paytm, with Sharma and the existing board continuing in their roles, added the report.
"The company is not a party to the above transaction and the said transaction will not have any impact on management or control of the Company or create any liability /obligation on the company. Paytm remains a professionally managed company with no identifiable promoter," Paytm reportedly told BSE.
"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," Vijay Shekhar Sharma said in a statement.
