Farewell to China from Paytm, Vijay Shekhar Sharma will buy Jack Ma’s stake, know here everything related to the deal.
New Delhi: Vijay Shekhar Sharma, Founder and CEO, One97 Communications Ltd., has signed an agreement with Antfin (Netherlands) Holding B.V. entered into an agreement to buy 10.30% stake in Paytm from After this acquisition, Vijay Shekhar Sharma’s stake will be 19.42 per cent. At the same time, after this deal, the share of Chinese company Alibaba’s associate Antfin will come down to 13.5 percent. The value of this deal is around Rs 5,000 crore in terms of current prices. Here, after this news came to the fore, there has been a bumper jump in the shares of Paytm. Investors are seeing bumper purchases in Paytm shares.
Vijay Shekhar Sharma will buy this stake from Antfin through RESILIENT ASSET MGMT. Paytm told the stock market that Vijay Shekhar Sharma has entered into an agreement to buy 10.30 percent stake through its 100 percent overseas company Resilient Asset Management BV. After this acquisition, ANTFIN will no longer be the largest shareholder in Paytm. Paytm is expected to benefit from the new ownership structure.
Here recently, Paytm has released its June quarter (Q1) results. The results of the company have been good. In the first quarter of the current financial year, the company’s income has increased by 39 percent to Rs 2342 crore. The company’s losses also narrowed in the June quarter, falling 45 per cent year-on-year to Rs 358 crore from Rs 645 crore. Paytm’s credit distribution business reported a year-on-year growth of 167 per cent for the June quarter.
Commenting on the deal, Vijay Shekhar Sharma said that he is proud of Paytm’s role as a true champion of Made in India financial innovation and achievements in contributing to the inclusion of formal financial services in the country. He added that he expresses his heartfelt gratitude to ANTFIN for their unwavering support and partnership over the years.