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Paytm CEO to buy 10.30% stake from Antfin; stock jumps 11%

Aug 7, 2023

By: BlinkX Research Team

Paytm founder Vijay Shekhar Sharma is set to increase his stake in the company to 19.42% by acquiring a 10.30% stake from Antfin (Netherlands) Holding BV. This will cause Antfin's stake to drop to 13.5%, leading it to no longer be the largest shareholder in Paytm.

The agreement, as per the BSE filing, states that Antfin will transfer 6.53 crore shares of Paytm to Resilient Asset Management B.V., an entity fully owned by Sharma.

In response to the deal, Sharma expressed gratitude to Ant for their unwavering support and partnership over the years, emphasizing Paytm's role in championing made-in-India financial innovation.

As news of the stake purchase broke, Paytm's share price surged over 11% in early trade on Monday. The fintech company reported impressive numbers, including a 19% rise in average monthly users and a yearly growth of 148% in the value of loans distributed.

Paytm continues to thrive in the financial services sector, contributing to formal financial services inclusion in India and revolutionizing mobile payments.

Content source: Media reports