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HomeBusinessVijay Shekhar Sharma to buy 10.30% stake in Paytm from AntFin.

Vijay Shekhar Sharma to buy 10.30% stake in Paytm from AntFin.

Vijay Shekhar Sharma, the founder of Paytm, will acquire a 10.30% stake in the business from Antfin (Netherlands) Holding BV, which would then transfer 6.53 crore Paytm shares to Resilient Asset Management B.V., a company in which Sharma holds a 100% holding.

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 (Company/Paytm) share capital.

Also read, RIL Gears Up to Produce Green Hydrogen in Two Years.

Vijay Shekhar Sharma to continue as Paytm’s MD and CEO:

According to the firm, Vijay Shekhar 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 aiding in the inclusion of formal financial services in the country. I want to sincerely thank Ant for their collaboration and continuous support over the past few years as we announce this change in ownership.

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. According to Paytm, the business observed a sequential growth in merchant subscriptions of about 4 lakhs in July 2023.

Paytm also stated that it distributed 43 lakh loans in July of this year, totaling 5,194 crore, representing a staggering annual growth of 148%.

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