Paytm CEO to Acquire 10.30% Stake in Antfin Deal in Non-Cash Deal
Vijay Shekhar Sharma, founder, and CEO of One97 Communications, a fintech company, is set to acquire a 10.30% stake in Paytm from Antfin (Netherlands), Holding BV in a non-cash, off-market transfer. In this deal, Antfin will retain the economic rights related to the transferred stake. Under the arrangement, Sharma’s fully-owned overseas entity, Resilient Asset Management BV, will purchase the 10.3% stake in Paytm from Antfin. In exchange, Resilient Asset will issue optionally convertible debentures (OCDs) as debt instruments to Antfin.
“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,” a BSE filing said. No monetary payment will be made for this acquisition, and Vijay Shekhar Sharma will not provide any form of pledge, guarantee, or value assurance, directly or indirectly. The transaction will not bring about any alterations to Paytm’s management or control.
Sharma will continue in his role as Managing Director and CEO, and the existing board will remain unchanged. Importantly, Antfin does not have a nominee on Paytm’s board. Antfin is affiliated with China’s Ant Group Co. “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.
