Vijay Shekhar Sharma becomes Paytm’s sole significant owner post Antfin stake sale
Despite a 19.42% shareholding in Paytm, Sharma will continue to remain a non-promoter in the company, as the law requires a shareholding of above 25% to be identified as a promotor.
founder and CEO Vijay Shekhar Sharma has become the sole significant beneficial owner in the company, after the stake sale by Ant Financial.
Last month, Ant Financial (Antfin) sold 10.3% stake 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 .
This was followed by the sale of another 3.6% in block deals, further bringing down China-based Antfin's stake to 9.90%.
Meanwhile, Sharma’s shareholding in Paytm increased to 19.42% post 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. Accordingly, 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.
Despite a 19.42% shareholding in Paytm, Sharma will continue to remain a non-promoter in the company, as the law requires a shareholding of above 25% to be identified as a promotor.
Edited by Affirunisa Kankudti
