Paytm ownership change: Vijay Shekhar Sharma, the founder and CEO of the fintech company One97 Communications, will purchase a 10.30 percent share in Paytm from Antfin Holding BV through an off-market transfer in exchange for no cash. The financial rights to the stake that is being given to Sharma would still belong to Antfin.
As per the agreement, Sharma would use his wholly owned foreign company Resilient Asset Management BV to acquire 10.3% of Paytm’s shares from Antfin.
Since Sharma would remain as Managing Director and CEO and the current board would remain in place as a result of this transaction, Paytm’s management and control would remain unchanged.
Further, there is no nominee of Antfin on the board of Paytm. Antfin is an affiliate of China’s Ant Group Co. As a result, neither a monetary payment for the transaction nor any other form of value assurance from Sharma, whether directly or indirectly, will be made, according to a BSE filing.
In making this ownership announcement, Sharma said, “I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years.
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