Paytm Founder, CEO Purchases 10.3% From Ant Group, Increasing Ownership Authority
Paytm's founder and CEO, Vijay Shekhar Sharma, will purchase a 10.3 percent stake in the company valued at $628 million from its largest shareholder in order to simplify the company's ownership structure, according to a filing on Aug 7.
According to Paytm's last closing price of 796.6 rupees per share, Sharma's stake purchase from Antfin (Netherlands) Holding BV is valued at US$628 million. Following the transfer, Antfin will no longer be the company's largest shareholder.
Sharma's stake in the digital payments company will rise to 19.42 percent, while Antfin's will fall to 13.5%. The company also stated that there would be no change in Paytm's management or control, with Sharma and the current board remaining in their positions.