Fintech company One97 Communications’ Founder and CEO, Vijay Shekhar Sharma, is set to acquire a 10.30 per cent stake in Paytm from Antfin (Netherlands) Holding BV in a non-cash deal. Despite the transfer of ownership, Antfin will retain the economic rights associated with the stake. The arrangement entails Sharma purchasing the 10.3 per cent shareholding in Paytm from Antfin through his wholly-owned overseas entity, Resilient Asset Management BV. However, the payment for the acquisition will not be in cash, and no additional pledges, guarantees, or value assurances will be provided by Sharma, either directly or indirectly, as stated in a BSE filing.
In the course of this transaction, Paytm’s management and control will remain unaffected, with Vijay Shekhar Sharma continuing to serve as the Managing Director and CEO, and the existing board remaining intact. Notably, there will be no nominee representing Antfin on Paytm’s board. It is worth mentioning that Antfin is an affiliate of China’s Ant Group Co.
In addition to the announcement of the stake acquisition, Vijay Shekhar Sharma expressed his heartfelt appreciation to Ant for their unwavering support and partnership throughout the past several years. This move represents a significant step in Paytm’s journey and reflects the continued commitment of all parties involved in the company’s growth and success. With this development, Paytm is poised to explore new opportunities and further strengthen its position in the dynamic fintech landscape.
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