Paytm Founder Sharma to Buy 10.3% Stake From Ant Affiliate
Views: 3426
2023-08-07 11:49
Paytm founder Vijay Shekhar Sharma will buy a 10.3% stake from an affiliate of China’s Ant Group Co.,

Paytm founder Vijay Shekhar Sharma will buy a 10.3% stake from an affiliate of China’s Ant Group Co., according to a regulatory filing.

Sharma, who is also chief executive officer of Paytm-parent One97 Communications Ltd., will increase his holding in the company to 19.42%, while Antfin’s stake will drop to 13.5%.

Sharma took the digital payments pioneer public in 2021 only to see the shares plummet in one of the worst performances for a major initial public offering. Shares closed Friday at 796.6 rupees, compared with the 2,150 rupee offering price.

Paytm’s shares have rallied 50% this year so far.

“As we announce this transfer of ownership, I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years,” Sharma said in statement.

Tags india alltop stk world 1778742dsp tmt markets cos business tecsvc 688688 ch tec fin industries asia paytm in