Vijay Shekhar Sharma to buy a 10.3% stake in Paytm from Antfin for $628 mn

Vijay Shekhar Sharma, founder and chief executive officer (CEO) of Paytm's parent One97 Communications, has agreed to purchase a 10.3 per cent stake in the fintech firm from Antfin (Netherlands) Holding BV, the company said in a filing on Monday.

The purchase will be made off-market via Sharma's 100 per cent owned Netherlands-based entity Resilient Asset Management BV. After the transaction, Sharma's stake in the company will rise to 19.42 per cent, and Antfin will cease to be the largest shareholder of Paytm.

Based on the closing price of the company's shares on August 4, the value of the transaction will be $628 million.

"As per the agreement executed between the parties, Resilient will acquire ownership, and voting rights, of the 10.30 per cent block. In consideration for the acquisition of the 10.30 per cent stake, Resilient will issue optionally convertible debentures (OCDs) to Antfin, which in turn will allow Antfin to retain the economic value of the 10.30 per cent stake, demonstrating Antfin's continued confidence in the business potential. 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," the company said in the filing.

"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.

After the transaction, there would be no change in the management or control of Paytm, and Sharma will continue as the managing director and CEO of the company. Further, the existing board will continue as is.

"Paytm remains a professionally managed company with no identifiable promoter. Further, there is no nominee of Antfin on the Board of Paytm," the company said. Istanbul Escorts is one of the most important cities in Turkey and is visited by millions of tourists every year. istanbul escort services are also offered in Istanbul to meet the needs of domestic and foreign tourists traveling to Istanbul.

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