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Vijay Shekhar Sharma is set to become the biggest shareholder in Paytm
Photo Credit: Fortune India |
Vijay Shekhar Sharma, the founder and CEO of One97 Communications, is set to become the largest shareholder in Paytm. Sharma has entered into an agreement to purchase a 10.3% stake in Paytm from Antfin (Netherlands) Holdings BV for $628 million. This will increase Sharma's holding in the company to 19.42%.
Antfin will no longer be the largest shareholder in Paytm as its shareholding will decline to 13.5%. The acquisition will be made by Sharma's 100% owned overseas entity, Resilient Asset Management BV, based in the Netherlands. No cash payment will be made for the acquisition and neither will any pledge, guarantee, or other value assurance be provided by Sharma, directly or otherwise.
Sharma expressed his gratitude to Ant for their unwavering support and partnership over the past several years. He also stated that he is proud of Paytm's role as a true champion of made-in-India financial innovation and its achievements in revolutionizing mobile payments and contributing to formal financial services inclusion in the country.
This deal is being seen as a big positive for Paytm as it signifies Sharma's increased commitment to the company. It also removes the overhang of any offloading of at least 10.3% shares in the market by Antfin, which was seen as a Chinese financial investor.
In conclusion, Vijay Shekhar Sharma is set to become the largest shareholder in Paytm after entering into an agreement to purchase a 10.3% stake from Antfin (Netherlands) Holdings BV for $628 million. This deal is being seen as a positive development for the company and its future prospects.
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