Paytm CEO Sharma to buy stake worth $628 million in co from Antfin Holding
The Hindu
Paytm CEO Vijay Shekhar Sharma to buy 10.3% stake from Antfin, valued at $628M. Sharma's stake to increase to 19.42%, Antfin's to 13.5%. No change in management or control, Sharma & board continue roles.
Paytm's founder and CEO, Vijay Shekhar Sharma, will buy a 10.3% stake valued at $628 million in the company from its largest shareholder, in a bid to simplify its ownership structure, the fintech company said in a filing on August 7.
Mr. Sharma's stake purchase from Antfin (Netherlands) Holding B.V. is valued at $628 million, as per Paytm's last closing price of 796.6 rupees a share.
Antfin will cease to be the largest shareholder in the company following the transfer.
Mr. Sharma's stake in the digital payments firm will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%.
The company added that there would be no change in the management or control of Paytm, with Mr. Sharma and the existing board continuing in their roles.
Flight AI177 will depart Bengaluru at 1.05 p.m. and arrive at London Gatwick at 7.05 p.m. (local time). From London Gatwick, flight AI178 will depart at 8.35 p.m. (local time) and arrive in Bengaluru at 10.50 a.m. (next day arrival). From Bengaluru, the flight will operate on Mondays, Wednesdays, Thursdays, Fridays and Sundays.