Vijay Shekhar Sharma, the founder and CEO of One97 Communications Ltd, is set to buy a 10.3% stake in Paytm from Antfin, a significant shareholder in the fintech giant.

What Happened? Sharma will be buying this stake via an overseas entity he owns, through an off-market transfer, as stated in a company announcement made on August 7.

After this transaction, Sharma will increase his share in Paytm from his current holdings to 19.42%, while Antfin’s holdings will decrease to 13.5%.

Currently, Antfin holds a significant 23.79% stake in Paytm. However, this deal will strip Antfin of its status as Paytm’s largest shareholder. Furthermore, there is no representative of Antfin on Paytm’s board.

According to the stock’s closing price on August 4, the value of the 10.3% stake is around $628 million (₹5,196 crore).

Sharma tweeted his pride in Paytm’s achievements in innovating mobile payments and promoting financial inclusion in India. He also expressed gratitude to Antfin for their steadfast support and partnership over the years as he announced this change in ownership.

Price Action: One07 Communications Ltd. shares were up close to 7% at ₹850.60 shortly after market open on Monday.

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