In Paytm, Sharma’s shareholding increased to 19.42% after the deal
Vijay Shekhar Sharma, the founder and CEO of One97 Communications, has become the sole significant beneficial owner of the company after the stake sale by Ant Financial.
Ant Financial (Antfin) sold a 10.3% stake last month to Resilient Asset Management, an overseas entity owned by Sharma. The deal meant that the Alibaba Group-owned subsidiary was no longer the largest shareholder in One97 Communications, which owns and operates Paytm.
Further bringing down China-based Antfin’s stake to 9.90%, this was followed by the sale of another 3.6% in block deals.
In Paytm, Sharma’s shareholding increased to 19.42% after the deal.
“We have been informed by Antfin that their shareholding in the company has reduced from 23.79% to 9.90% of the total equity share capital. Consequently, no person affiliated with Antfin will qualify as a significant beneficial owner of the company,” the company informed the exchanges on Sunday.
“Sharma’s shareholding in Paytm (direct and indirect) now stands at 19.42% of the total equity share capital. The company is not a party to the above transactions, and the said transactions will not have any impact on management or control of the company,” the filing read.
As the law requires a shareholding of above 25% to be identified as a promotor, Sharma, despite having a 19.42% shareholding in Paytm, will continue to remain a non-promoter in the company.
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