August 7, 2023
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Vijay Shekhar to buy 10.3 per cent stake in Paytm from Antfin for $628 million
Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million. The purchase is being made in order to streamline the ownership structure of the Indian payments company, Antfinin announced on Monday. The price of Sharma’s stake acquisition from Antfin (Netherlands) Holding B.V. is 796.6 rupees ($9.3) per share. Previously, China’s Alibaba sold all of its stake in February, exiting Paytm.
Paytm’s shares rose to 11.4 per cent on Monday after the announcement, while their share value has already gone up by more than 50 per cent this year.
After the sale, Antfin’s ownership in the company will drop to 13.5 per cent, no longer making it the largest stakeholder.Through open market transactions, the Japanese investment company Softbank Group Corp has also been reducing its stake in Paytm; which presently stands at 9.18 per cent.
Following the sale, Paytm’s founder, Sharma will be the largest stakeholder with a holding of 19.42 per cent.
The company further stated that Sharma and the current board will continue in their respective positions and that there would be no change in the management or control of Paytm.
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