Ant Financial to transfer 10.3% Paytm stake to Vijay Shekhar Sharma | TechCrunch

Vijay Shekhar Sharma, founder and chief government of Paytm, has entered right into a cope with Ant Monetary to safe a ten.30% stake within the Indian monetary providers agency from the Chinese language big, Noida-headquartered firm stated Monday.

“On closing of this transaction, Mr. Sharma’s shareholding in Paytm (direct and oblique) will improve to 19.42%, whereas Antfin’s shareholding will scale back to 13.5%. The acquisition will probably be made by Mr. Sharma’s 100% owned abroad entity, Resilient Asset Administration B.V. (‘Resilient’) based mostly within the Netherlands. Closing of the transaction will happen shortly on the prevailing market worth. Based mostly on the closing worth as on August 04, 2023, the worth of the ten.30% stake quantities to $628 million.”

Sharma’s Resilient will difficulty optionally convertible debentures to Ant Monetary, permitting the Chinese language big to “retain financial worth of the ten.30% stake,” Paytm stated. Following the deal, Sharma’s stake in Paytm will improve to 19.42%, whereas Ant Monetary’s shareholding will pare to 13.5%.

“I’m pleased with Paytm’s function as a real champion of made-in-India monetary innovation, and our achievements in revolutionizing cellular funds and contributing to formal monetary providers inclusion within the nation. As we announce this switch of possession, I wish to categorical my honest gratitude to Ant for his or her unwavering help and partnership over the previous a number of years,” Sharma stated in a ready assertion.

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