New Delhi, Aug 7 (SocialNews.XYZ) Antfin (Netherlands) has reduced significant shareholding in the leading mobile payments and financial services company Paytm.
As per an exchange filing, Vijay Shekhar Sharma, Founder and CEO of One 97 Communications Limited (Paytm), and Antfin (Netherlands) Holding BV (Antfin) announced execution of an agreement for 10.3 per cent stake in the company.
Resilient, an overseas entity 100 per cent owned by Sharma, will acquire 10.30 per cent stake in Paytm from Antfin through an off-market transfer.
With this, Sharma’s shareholding in Paytm (direct and indirect) will increase to 19.42 per cent, whereas Antfin’s shareholding will reduce to 13.5 per cent.
Also, Antfin is no longer a majority shareholder in the company.
As per the company’s exchange filing, 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 economic value of the 10.30 per cent stake, demonstrating Antfin’s continued confidence in the business potential.
“Based on the closing price as on August 04, 2023, the value of the 10.30 per cent stake amounts to $628 million,” according to the filing.
Sharma said, "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 contributing to formal financial services inclusion in the country. 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 would continue as Managing Director and CEO. The company said that Paytm remains a professionally managed company with no identifiable promoter.
Source: IANS
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