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regular-article-logo Wednesday, 21 February 2024

Vijay Shekhar Sharma to buy 10.3 per cent stake in Paytm from Antfin in no cash deal

Antfin will continue to hold the economic rights of the stake that is being transferred to One97 Communications founder and CEO

PTI New Delhi Published 07.08.23, 10:05 AM
Representational image.

Representational image. File picture

Fintech firm One97 Communications Founder and CEO Vijay Shekhar Sharma will acquire 10.30 per cent stake in Paytm from Antfin (Netherlands) Holding BV through an off-market transfer in no cash deal.

Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma.

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As per the deal, Sharma will purchase 10.3 per cent shareholding in Paytm from Antfin through his 100 per cent owned overseas entity Resilient Asset Management BV.

Resilient Asset in return will issue debt instrument OCDs (optionally convertible debentures) to Antfin.

"Accordingly, no cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Sharma, directly or otherwise," a BSE filing said.

Pursuant to this transaction, there would be no change in the management or control of Paytm, since Sharma would continue as Managing Director and CEO, and the existing board would continue as it is.

Further, there is no nominee of Antfin on the board of Paytm. Antfin is an affiliate of China's Ant Group Co.

"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," Sharma said.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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