Vijay Shekhar Sharma Emerges as Sole Significant Owner of Paytm After Ant Financial Stake Sale
- ByStartupStory | September 4, 2023
Vijay Shekhar Sharma, the founder and CEO of One97 Communications, has become the exclusive significant beneficial owner of the company following Ant Financial’s stake sale. In the previous month, Ant Financial (Antfin) divested a 10.3% stake to Resilient Asset Management, an overseas entity owned by Sharma.
This transaction resulted in Ant Financial, a subsidiary of Alibaba Group, no longer holding the largest share in One97 Communications, the parent company of Paytm. Subsequently, additional block deals led to a further reduction in Antfin’s stake to 9.90%. Simultaneously, Sharma’s ownership in Paytm increased to 19.42% after the transaction.
The company officially notified the exchanges, stating, “We have been informed by Antfin that their shareholding in the company has reduced from 23.79% to 9.90% of the total equity share capital. Accordingly, no person affiliated with Antfin will qualify as a significant beneficial owner of the company.” The filing clarified that despite holding a 19.42% stake in Paytm, Sharma will maintain a non-promoter status in the company due to legal requirements that identify promoters with ownership exceeding 25%.
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